Will Nvidia's $400 Support Level Ignite A New Era Of Momentum After The China Export Ban?
Portfolio Pulse from Zaheer Anwari
Nvidia's stock value dropped by 5% following news of a potential cancellation of $5 billion worth of chip orders to China due to new U.S. government restrictions. However, the stock has shown resilience, rebounding by 7% from its Tuesday low. The stock has increased by 184% for the year. The $400 level has proven to be a strong support, with potential for the stock to reach the $500 resistance level.
November 02, 2023 | 2:31 pm
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Nvidia's stock dropped by 5% due to potential cancellation of chip orders to China, but rebounded by 7% from its low. The stock has increased by 184% for the year.
The news of potential cancellation of chip orders to China caused a temporary drop in Nvidia's stock. However, the stock has shown resilience and rebounded from its low, indicating strong investor confidence. The stock has also shown significant growth over the year, which could attract more investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100