Can Nvidia Hold $148.95 After Jensen Huang's Exit?

TradingKey - Nvidia (NASDAQ: NVDA) fell 4.34% to $166.19 on Thursday, November 12, after Jensen Huang resigned as CEO, president and director, effective immediately. The stock dropped as low as $148.80 early in the session before buyers cut most of the loss, and volume reached about 737 million shares, roughly five times the three-month average.

Overnight trading sits slightly lower at $163.46. Nvidia is now down 10.96% from its November 6 close of $186.64 and about 31% below its October 6 record close of $239.24, with fiscal third-quarter results due on Tuesday, November 17.

A New Leadership Team Five Days Before Earnings

Nvidia named CFO Colette Kress, who joined the company in 2013, as interim CEO. She keeps the CFO role until a permanent successor is found, and the board will consider internal and external candidates. Director Harvey C. Jones, a former Synopsys CEO, became the board's first-ever chair. Jones said the board expects operations, customer commitments and the product roadmap to continue without interruption, adding that "the Board has full confidence in Colette and the leadership team."

The resignation came four days after the board, on November 8, opened an independent review after reports that Huang had been the target of a foreign intelligence effort, and at that point the board said it had confidence in him. Reports of two personal relationships followed, and The Wall Street Journal reported on Wednesday that the board was preparing to remove him.

Analysts Cut Targets, but the Selling Slowed

Baird cut the stock to Neutral and lowered its target to $200 from $500, and Bernstein halved its target to $200. Mizuho cut to $250 from $315, and Oppenheimer downgraded the stock and removed its target, saying it sees "massive shoes to fill and no obvious successor." Stifel's Ruben Roy kept a Buy rating but cut his target to $205 from $315.

Even so, the stock closed only 4.34% lower on the day the resignation was confirmed, after falling as much as 14% at the open. Much of the leadership risk was already in the price after the slide from October's record, and money moved to other AI chip makers instead of leaving the sector, with AMD up 5.86% and Broadcom up 5.54%.

The $108 Billion Guide Is Next

In fiscal Q2, before any of this, revenue rose 106% to $96.2 billion, with Data Center sales up 117% to $89.0 billion and a 75.0% gross margin, the share of revenue left after production costs. Nvidia guided third-quarter revenue to $108.0 billion, plus or minus 2%. At $166.19, by my calculation, the stock trades at about 19 times its annualized Q2 non-GAAP EPS of $2.22, a measure that excludes items such as stock-based pay. Kress will lead the call on Tuesday, and the fourth-quarter outlook will matter as much as the third-quarter numbers.

Nvidia Technical Analysis: Weekly Close Below $148.95 Could Open $128.71

That sharp reversal shows clearly on the weekly chart. This week's candle has a long lower wick: sellers pushed the stock down to $148.80, and buyers stepped in right at the $148.95 demand zone, a price area where buying has appeared before, which stopped the selling in mid-2025. The damage is real, though. NVDA has broken below the rising trendline it has followed since early 2025, a line drawn under its higher lows, and it has lost both $209.09 and $181.33.

RSI, a momentum gauge that runs from 0 to 100, has dropped to about 33, close to oversold. The MACD, another momentum indicator, has turned negative, which confirms that momentum has shifted to sellers.

NVDA Price Chart - Source: Tradingview

If $148.95 holds, a relief bounce toward $181.33 is possible. If that bounce is followed by a retest that holds, the chart could form a double bottom, two lows at about the same level that often mark a turning point. A weekly close below $148.95, however, could send NVDA toward $128.71.

I'm bearish while NVDA stays below $181.33, and $148.95 is the level that decides what happens next.

Key Levels

• Last close: $166.19, down 4.34% on Thursday, November 12 (overnight: $163.46)
• Support: $148.95, $128.71
• Resistance: $181.33, $209.09
• RSI: 33.39
• Bullish trigger: Weekly close above $181.33
• Bearish trigger: Weekly close below $148.95

FAQs

Who is Nvidia's new CEO after Jensen Huang resigned?

CFO Colette Kress is interim CEO and remains CFO while the board searches internally and externally for a permanent successor. Director Harvey C. Jones became the board's first-ever chair.

What is the Nvidia stock forecast now?

The bias is bearish below $181.33 on the weekly chart. If $148.95 holds, a relief bounce toward $181.33 is possible, while a weekly close below $148.95 could open $128.71.

Bottom Line

Nvidia's business still looks strong, but the stock now trades on how smoothly the leadership change goes, starting with Tuesday's results. The level that matters is $148.95. In my view, holding it keeps a relief bounce toward $181.33 in play, while a weekly close below it would open $128.71.