NVIDIA Corporation (NVDA) shares have moved sharply lower since reaching new all-time highs in mid-March. In early April, Wells Fargo analysts reiterated their Underperform rating on the stock and their price target of $100 per share, citing multiple risks associated with NVIDIA's exposure to cryptocurrencies and concerns over the stability of its gaming, automotive and data center growth. These trends could lead to falling graphics processing unit (GPU) demand over the coming quarters.

On the other end of the spectrum, Morgan Stanley analysts upgraded the stock from Equal Weight to Overweight on Monday, issuing a price target of $258 per share that represents roughly 20% upside from the current market price. The analyst cited gaming strength that is helping to offset cryptocurrency weaknesses in the near term, while progress in data center markets expands long-term opportunities. (See also: NVIDIA Crypto Rival Has Morgan Stanley Worried.)

Technical chart showing the performance of NVIDIA Corporation (NVDA) stock

From a technical standpoint, the stock broke down from a rising wedge pattern in late March and fell to S1 support levels at around $214.23 during Monday's session. The relative strength index (RSI) appears modestly oversold at 38.66, while the moving average convergence divergence (MACD) remains in a strong bearish downtrend. These technical indicators suggest that the stock could see further downside over the coming sessions.

[Learn more about supplemental technical indicators like the RSI and the MACD in Chapter 4 of the Technical Analysis course on the Investopedia Academy]

Traders should watch for a breakdown from S1 support levels to prior lows at around $204.00 or to S2 support and the 200-day moving average at around $198.33. If the stock rebounds from these level, traders should look for a move to the pivot point at $234.36 and the 50-day moving average at $237.10. The analyst indecision could translate to some volatile sideways price movement before a new long-term trend is established. (For more, see: Why NVIDIA's Bulls May Be Way Too Bullish.)

Chart courtesy of StockCharts.com. The author holds no position in the stock(s) mentioned except through passively managed index funds.

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