Huang Renxun suddenly resigns, dragging prices down to the 71,000 level
NVIDIA CEO Huang Renxun suddenly resigned on Thursday, effective immediately. NVDA fell as much as 13% after the open and still closed down around 7%. With the leading name in the AI narrative in trouble, others got dragged down too: it fell below 72,000, hit an intraday low of 71,255—a nearly 12-week low—and is now around 71,550, down 3.8% on the day.
The key is where it stands: this time, it didn’t just briefly dip below the 200-day moving average at 73,163 intraday; it decisively broke below it. The 21-week moving average at 73,078 has also been lost. On X, paulxue1979’s “five pairs of underwear” are down to the last one: the 200-week moving average. Even worse, it fell below 1,990 intraday and is now around 2,004.
What the bulls are saying: Wintermute says 73,000 is the first support level, but admits it hasn’t seen big money stepping in to buy the dip. Dip buyers are eyeing the 70,000 psychological threshold.
What the bears are saying: MSCI will officially remove Strategy on November 30, and around $2.8 billion in passive selling pressure has yet to materialize. Tonight’s U.S. PPI release at 20:30 is the next potential volatility trigger.
My take: If it can’t hold 73,163 at the close, watch for 70,000. I wrote this on November 9, and it has now played out. 70,000 is both a round-number level and a psychological line of defense; if that breaks, the next level to watch is 68,000. Don’t make a big directional bet ahead of the PPI release. For any rebound, first see whether it can reclaim 73,163; if not, treat it as a relief rally.
NVIDIA CEO Huang Renxun suddenly resigned on Thursday, effective immediately. NVDA fell as much as 13% after the open and still closed down around 7%. With the leading name in the AI narrative in trouble, others got dragged down too: it fell below 72,000, hit an intraday low of 71,255—a nearly 12-week low—and is now around 71,550, down 3.8% on the day.
The key is where it stands: this time, it didn’t just briefly dip below the 200-day moving average at 73,163 intraday; it decisively broke below it. The 21-week moving average at 73,078 has also been lost. On X, paulxue1979’s “five pairs of underwear” are down to the last one: the 200-week moving average. Even worse, it fell below 1,990 intraday and is now around 2,004.
What the bulls are saying: Wintermute says 73,000 is the first support level, but admits it hasn’t seen big money stepping in to buy the dip. Dip buyers are eyeing the 70,000 psychological threshold.
What the bears are saying: MSCI will officially remove Strategy on November 30, and around $2.8 billion in passive selling pressure has yet to materialize. Tonight’s U.S. PPI release at 20:30 is the next potential volatility trigger.
My take: If it can’t hold 73,163 at the close, watch for 70,000. I wrote this on November 9, and it has now played out. 70,000 is both a round-number level and a psychological line of defense; if that breaks, the next level to watch is 68,000. Don’t make a big directional bet ahead of the PPI release. For any rebound, first see whether it can reclaim 73,163; if not, treat it as a relief rally.