Nvidia Rebounds but Its Stock Chart is Looking Really Ugly

Dow Jones17:59

Nvidia is on a bad run but things could be about to get much worse -- if its stock chart is anything to go by.

The stock fell 10% to $204.64 in October despite reaching a record closing price of $239.24 early in the month. Shortly after that all-time high, ICAP Technical Analysis warned that the stock was at risk of peaking with its weekly chart resembling a "big, bearish, rising wedge."

Well, ICAP's update isn't an encouraging one. The key weekly support line was "decisively broken last week," chief technical strategist Walter Zimmerman said in a note Sunday.

The next step down could be at $185.94, he said, while noting that the Fibonacci retracement -- a 61.8% drop -- would be at $92.99.

"For those who follow Nvidia as if it were a cult, that may seem absurdly low. However Nvidia last traded at $93 per share back on Apr.7, 2025," Zimmerman said. "Only 19 months ago. Not like 19 years ago."

"What has changed in the last 19 months? Valuations went to the outer solar system."

There is one last hope for the bulls, though. The stock needs a sustained reversal higher before it reaches $197.73.

Technical analysis is just one part of the story and doesn't include fundamentals or broader factors. But those aren't going in Nvidia's favor at the moment either, with fears over the artificial-intelligence boom hurting tech stocks.

Nvidia was up 1.6% to $207.98 ahead of the open Monday, though. Maybe all is not lost.

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Maybe all is not lost. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Rebounds but Its Stock Chart is Looking Really Ugly</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Rebounds but Its Stock Chart is Looking Really Ugly\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-11-02 17:59</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     Nvidia is on a bad run but things could be about to get much worse -- if its stock chart is anything to go by. \n</p>\n<p>\n     The stock fell 10% to $204.64 in October despite reaching a record closing price of $239.24 early in the month. 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Shortly after that all-time high, ICAP Technical Analysis warned that the stock was at risk of peaking with its weekly chart resembling a \"big, bearish, rising wedge.\" \n\n\n     Well, ICAP's update isn't an encouraging one. The key weekly support line was \"decisively broken last week,\" chief technical strategist Walter Zimmerman said in a note Sunday. \n\n\n     The next step down could be at $185.94, he said, while noting that the Fibonacci retracement -- a 61.8% drop -- would be at $92.99. \n\n\n     \"For those who follow Nvidia as if it were a cult, that may seem absurdly low. However Nvidia last traded at $93 per share back on Apr.7, 2025,\" Zimmerman said. \"Only 19 months ago. Not like 19 years ago.\" \n\n\n     \"What has changed in the last 19 months? Valuations went to the outer solar system.\" \n\n\n     There is one last hope for the bulls, though. The stock needs a sustained reversal higher before it reaches $197.73. \n\n\n     Technical analysis is just one part of the story and doesn't include fundamentals or broader factors. But those aren't going in Nvidia's favor at the moment either, with fears over the artificial-intelligence boom hurting tech stocks. \n\n\n     Nvidia was up 1.6% to $207.98 ahead of the open Monday, though. Maybe all is not lost.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.1","shortVersion":"4.52.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2680408758","isCrawlerRequest":true}