Shares of Nvidia and Micron are both trading lower today, putting key technical support levels under pressure.
For Nvidia, the stock opened higher and tested its 100-day moving average at $196.36, reaching a session high of $196.18—just shy of that key resistance level. Buyers leaned and quickly turned into sellers, driving the stock lower toward its 200-day moving average at $190.72. The decline briefly pushed below that support, reaching a low of $189.80, before buyers stepped back in. The rebound has lifted the stock back to around $191.90, placing the price once again between its two major moving averages and providing some near-term relief.
Even so, the technical picture remains fragile. Staying below the 100-day moving average keeps sellers in control, while a sustained break below the 200-day moving average would strengthen the bearish case and likely invite additional downside pressure. Nevertheless, a battle is on between the two key MA levels.
For Micron, it has also struggled throughout the early day's trading. After opening near the highs of the day at $1,128.70, the stock rotated sharply lower, falling to a session low of $1,023.65. The decline briefly pushed the shares below Wednesday's pre-earnings closing price of $1,048.50 and below the 100-hour moving average at $1,048.33. Those levels are significant because they represent the market's attempt to fully retrace the post-earnings rally despite Micron's strong earnings beat and upbeat guidance.
Since then, buyers have regained some footing, lifting the stock back above both levels to around $1,055. Like Nvidia, Micron bulls are attempting to blunt the sellers' momentum and reestablish the uptrend.
The key level to watch remains the 100-hour moving average, currently at $1,048.41. A move back below that level could shift the focus toward the rising 200-hour moving average at $964.97, however unlikely that may seem given the earnings numbers last week. Conversely, if buyers can hold above the 100-hour moving average, today's failed breakdown could be viewed as a bear trap and serve as a launching pad for another push higher.
