Nvidia Stock Dropped After CEO Delivered GTC Keynote—Watch These Key Levels

Nvidia (NVDA) shares fell Tuesday as CEO Jensen Huang gave a highly anticipated keynote address at the AI chipmaker’s GTC conference.

During his two-hour presentation, Huang unveiled the company’s roadmap for the next two years, providing updates about its Blackwell and next generation Rubin chips, while also showcasing cutting edge AI tech for robotics and telecommunications. Huang also announced a new partnership with General Motors (GM) to train AI manufacturing models.

The flurry of announcements wasn’t enough to lift investor spirits. Nvidia shares, which were down about 1% before the CEO started speaking, closed the day 3.4% lower at $115.43. Investors will be on the lookout for further updates from Nvidia as the conference continues in the next few days.

After several years of explosive gains driven by insatiable demand for the company’s AI offerings, Nvidia shares have come under pressure in early 2025 The stock is trading down 14% since the start of the year amid concerns about overspending on AI infrastructure and uncertainty surrounding the Trump administration’s trade policies relating to tariffs and chip exports.

With GTC 2025 underway, let’s take a closer look at Nvidia’s weekly chart and use technical analysis to locate key price levels worth watching.

Descending Channel Consolidation

Since setting a record high in January, Nvidia shares have traded within a descending channel, potentially undergoing a consolidation phase before resuming their longer-term uptrend.

More recently, the stock found buyers near the descending channel’s lower trendline, though price action has remained lackluster since. Meanwhile, the relative strength index (RSI) remains below the 50 threshold, pointing to weak momentum.

Let’s identify key support and resistance levels on Nvidia’s chart that investors may be monitoring and also project an upside price target to track if the stock resumes its longer-term move higher.

Key Support Levels to Monitor

A breakdown below the descending channel’s lower trendline could see the shares decline to around $96. This area on the chart would likely provide support near the last year’s March peak and August trough.

A more significant drop could see the stock’s price revisit lower support at the $76 level. Investors may seek entry points in this region near the low of a four-week pullback in the stock last April. 

Important Resistance Levels to Watch

Buying from current levels could propel a move up to around $132, a location that may provide overhead resistance near a horizontal line that links a range of comparable price points on the chart between last June and February this year.

The next higher resistance level to watch sits at the key $150 level. Investors who have come into the stock at lower prices may look to lock in profits in this area near a series of peaks positioned just below the stock’s record high.

Upside Price Target to Track

To project a potential longer-term upside target to track if the stock resumes its uptrend, investors can apply bars pattern analysis, which analyzes prior trends to make future price predictions.

When applying this technique to Nvidia’s chart, we take the bars that comprise the trending move from October 2023 to March last year and overlay them from this month’s low. The analysis speculates a potential upside price target of around $325 if a comparable move played out. We selected this prior trend as it followed a similar consolidation pattern on the chart.

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As of the date this article was written, the author does not own any of the above securities.