Nvidia's Stock Drops After Record High. Is This A Sign Warning of Potential Downside Reversal

AI chipmaker Nvidia's stock dropped after reaching a record high on Thursday, forming a bearish engulfing candlestick pattern that warns of a potential downside reversal. Key support levels for Nvidia's stock price to watch are around $119 and $110, where the stock found support in prior minor pullbacks over the past three weeks. A break below $97 could signal further declines. Nvidia inked a deal to provide its AI technology to Middle Eastern telecom giant Ooredoo's data centers in 5 countries, but the value was not disclosed. This comes as the U.S. restricts the export of advanced chips to China.