Shares of chip maker Nvidia ( NVDA) are getting hit Thursday as investors worry about news on Micron Technology's ( MU) announcement of spending cuts. Let's check the charts and indicators.
In this daily bar chart of NVDA, below, I can see that prices have lost ground since the middle of the month and are now retesting the rising 50-day moving average line.
The On-Balance-Volume (OBV) line stalled in November and weakened in December. The trend-following Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside and is not far above the zero line. 
In this weekly Japanese candlestick chart of NVDA, below, you cannot miss the large upper shadow two weeks ago as traders rejected the highs. This one candle marks a reversal to the downside. The 40-week moving average line is bearish.
The weekly OBV line is showing weakness from early December. The MACD oscillator is below the zero line and narrowing, telling us that the trend is weak.
In this daily Point and Figure chart of NVDA, below, I can see a downside price target of $133.
In this weekly Point and Figure chart of NVDA, below, a downside price target of $113 is projected.
Bottom line strategy: Regular readers of Real Money may remember my December review of NVDA and my cautious stance. Continue to be cautious on NVDA. Avoid the long side.
