Nvidia Stock Rises Following New Deal with Meta

The markets witnessed the sale of all of Nvidia's shares in ARM, amounting to more than one million shares, for over $140 million, thus ending its investment in the renowned ARM company.

This comes after Nvidia's failed attempt to acquire ARM for approximately $40 billion. The company officially ended its investment in ARM and announced the failure of the acquisition deal.

Meanwhile, Nvidia reached an agreement with Meta to sell its AI chips over several years, which led to a rise of more than 2% in Nvidia's stock on Wednesday.

Technical Outlook for Nvidia Stock

The stock is facing significant resistance near the $189 level. A break above this level and a close above it with a strong daily candlestick is expected to propel the stock upwards to $210.

Conversely, the $170 level is considered a strong support level for the stock. A break below this level and the emergence of buying price action is expected to trigger a renewed upward movement targeting $189 and then $210, respectively.