NVIDIA Corporation (NASDAQ:NVDA)stock has already dropped 50% from its highs and looks like it could still retest the lows this week.
The stock just saw a 20% bounce off the $150 low from just over a week ago. It seems like the big chunk of those gains came from traders trying to jump on the “Pelosi Bandwagon” as she disclosed a very large stock purchase prior to the “Chips Act” which is being voted on in Congress this week.
NVDA stock could be currently experiencing “sell the news” type of event and from the open this morning it looks like NVDA will likely pullback to the 200-hourly MA, which is around $162.
Slowing sales of PCs and a blood bath in the cryptocurrency sector, which require graphics chips to mine, has hurt Nvidia.