- Nvidia presents a gain of 1.65% today, visiting highs not seen since September 26.
- The company could face a class action lawsuit backed by the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
Nvidia (NVDA) set a day’s low at $121.83, finding aggressive buyers that drove the stock price to highs not seen since September 26 at $125.04. Currently, NVIDIA shares are trading above $124.92, up 1.65%.
Nvidia is in the crosshairs following the SEC’s intentions to revive a lawsuit filed in 2018
The leading company in the semiconductor sector will have to face the attempt by the US Department of Justice in conjunction with the Securities and Exchange Commission to give the green light to a class action lawsuit, now before the Supreme Court.
This lawsuit aims to reignite the legal battle that occurred in 2018 when the company hid more than $1 billion in sales to cryptocurrency miners.
Despite this context, Nvidia shares rose 1.65% at market close, recording a weekly gain of 2.90%.
Technical levels to consider at Nvidia
The closest support is at 115.14, given by the October 2 low. The next key support is seen at 113.24, the pivot point of September 18, in convergence with the 50% Fibonacci retracement.
The nearest resistance is at 127.66, given by the September 26 high, in convergence with the 78.6% Fibonacci retracement.
Nvidia 3-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
