Nvidia Price Levels to Watch as Stock Retreats From Record

Stock Performance and Market Reaction - Nvidia's stock fell 4.7% on Tuesday, closing at $131.60, following a record closing high the previous session [1][2] - The decline was triggered by reports that the Biden Administration is considering AI chip export curbs to some Middle Eastern countries, which tempered optimism about surging demand for Nvidia's chips [1][2] Technical Analysis and Price Levels - Nvidia shares broke out above a multi-month symmetrical triangle earlier this month, but the breakout occurred on below-average volume, indicating a lack of conviction behind the move [1][3] - Key support levels to watch include $125, $115, and $97, with a breakdown below $125 potentially confirming a bull trap [4] - A bullish price target of $177 is projected using a measured move, which is approximately 34% above Tuesday's close [6] Market Sentiment and Trading Activity - Tuesday's selling registered the highest daily share turnover in nearly a month, raising the possibility of a potential bull trap [3] - Investors should monitor the stock's performance around key support levels and the projected bullish price target for potential trading opportunities [4][6]