Nvidia Corp. closed below a key technical level for the first time since May as investors continue to rotate out of the leading maker of artificial intelligence chips.

The stock fell 2% to $170.74 on Tuesday, a fourth straight negative session that took it below its 50-day moving average of $171.06. Breaking under this closely watched level is seen as a negative sign of near-term momentum trends.

“This shows how the momentum has broken down, and it makes me concerned about the stock over the short term,” said Buff Dormeier, chief technical analyst at Kingsview Partners, referring to the 50-day moving average.

Dormeier sees $160 as the next level of support for the stock, followed by $145, a level that preceded a breakout in June. “If it breaks under $145, I’d be really concerned about i

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