Nvidia Share Price Slumps After Database Leak Exposes Unreleased Projects

The Nvidia share price slumped on Monday after a data breach on the company’s server. Among other content that was leaked due to the Nvidia database compromise include references to several unreleased projects, including Gears 6, games from Microsoft’s Xbox Studios and several third party projects. 

InvestingCube's S&R Levels

FTSE100

FTSE100 (7052.2)

In Sell Zone

STOP

SELL

TP1

6835

TP2

6700

In a medium posting done this morning, a developer said he had documented a vulnerability that allowed for a code completion popup once he accessed the GraphQL interface. The developer, Ighor July, hinted at accessing all 1200 results by completing the missing fields on the interface, pointing a direction as to how the hackers could breach the database.

Nvidia share price is down 2.3% as of writing. 

Nvidia Share Price Outlook

The rounded top on the daily chart has produced the impetus for Monday’s selloff on Nvidia, technically speaking. The decline from the 230.01 psychological resistance preserves the pattern, setting up an intraday dip which is now testing the neckline at 220.26. A break of this neckline confirms the pattern and allows the bears free room to push towards completion at 208.62. If the Nvidia share price drops below 208.62, 193.83 becomes a new target, followed by 178.70 (June 21 and July 19 lows).

On the flip side, bulls need the price to bounce from the neckline and take out the 230.01 resistance, thus invalidating the pattern. 

This move would then allow the 78.6% and 88.6% Fibonacci extensions at 236.81 and 244.21 to be the new barriers for record-seeking bulls. 

Nvidia Share Price Chart (Daily)

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