Nvidia shares drop nearly 5% ahead of Wall Street open amid global market crash
Nvidia Shares: Big Tech company Nvidia Corp. was trading nearly 5 per cent lower in the pre-market session ahead of the US stock market open on Monday, April 7, according to data collected from Marketwatch.
Investors are poised to witness the movement in US stock markets after experiencing a global market fallout on Monday, April 7. Asian and European indices plummeted after investor concerns rose over a potential global recession.
Nvidia shares at the pre-market session are trading 4.82 per cent lower at $89.97 at 9:10 a.m. (EDT), ahead of the stock market opening on Monday, April 7. The US-based semiconductor chipmaking firm’s shares closed at $94.31 after Friday’s stock market crash, as per the stock market data.
Nvidia Share Price Outlook
Stock market expert Anshul Jain, the Head of Research at Lakshmishree Investment and Securities, said that a breach below the $90.5 in Nvidia stock is likely to trigger a sharp selloff of the tech firm’s stock on Monday.
“NVIDIA share price on the weekly chart forms a 36-week-long rounding top pattern, with the neckline at $90.5. A breach and sustained trade below this level could trigger a sharp selloff in NVIDIA stock price, with $80 emerging as the immediate downside target,” said Jain.
“The entire structure shows clear signs of distribution on the daily charts, with higher volumes on down days—hinting at institutional selling pressure. Traders should closely monitor price action near the neckline, as a breakdown could accelerate the bearish momentum,” he said before the US markets opened on Monday.
Justin Khoo, a senior analyst (APAC) at VT Markets, expects that Nvidia shares are expected to have a key support level at $85.00 and $68.50.
“NVIDIA (NVDA) is expected to gap down when the market opens, with key support levels at $85.00 and $68.50, where bullish price action may emerge. Traders should watch for potential reversal patterns near these levels as the stock price declines. This could provide buying opportunities if positive price action occurs near support zones. Market sentiment and external factors will continue to impact NVDA’s price in the near term, with volatility likely to remain high,” said Khoo.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
