Nvidia Shares in Focus Ahead of CEO’s Presentation
As the Consumer Electronics Show in Las Vegas approaches, all eyes will be on Nvidia’s CEO Jensen Huang, who is set to take the stage next Monday. The chipmaker’s shares have been on a tear, surging 170% in 2024 and 240% the year before, driven by booming demand for its AI chips.
A Closer Look at Nvidia’s Chart
Since hitting a record high in late November, Nvidia’s shares have traded within a descending channel, with the price tagging the pattern’s upper and lower trendlines on several occasions. As we enter the new year, investors will be watching key support levels around $130 and $115, as well as important resistance levels near $140 and $150.
What to Expect from Huang’s Presentation
Investors will be eager to hear updates from Huang on sales projections for the company’s Blackwell chips and details about Rubin, Blackwell’s successor, which Nvidia plans to release in 2026. Several leading Wall Street firms have named Nvidia as their 2025 “top pick,” citing strong demand for its Blackwell platform as a key driver of growth.
Technical Analysis: Key Price Levels to Watch
After setting a record high in late November, Nvidia’s shares have faced selling pressure near the channel’s top trendline and 50-day moving average (MA). The relative strength index (RSI) signals slightly bearish price momentum to kick off 2025. As we look ahead to the first quarter, key support and resistance levels will be crucial to watch.
Support Levels: $130 and $115
The first level to watch sits around $130, where the shares may encounter support near a trendline that connects the prominent August swing high with the December swing low. A decisive close below this important technical level could see the shares break down beneath the descending channel’s lower trendline and revisit lower support around $115.
Resistance Levels: $140 and $150
Upon a move higher from current levels, investors should initially monitor the $140 area, where the shares may run into resistance near the descending channel’s upper trendline. Buying above this level could see the shares rally up to around $150, where investors who have bought the recent retracement may seek to lock in profits.
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