NVIDIA (NVDA) Rockets to New Heights: Breakout Sparks 6.4% Surge and Bullish Analyst Projections

Key Points

  • NVIDIA’s stock (NASDAQ: NVDA) experienced a significant 6.4% surge on Monday, breaking key resistance near $504, fueled by lower treasury yields, positive analyst comments, news of a cost-effective AI chip for China, and the commencement of CES in Las Vegas.
  • Analysts at Fairlead Strategies highlighted the unconfirmed breakout, emphasizing that it resolves a four-month trading range to the upside, marking a bullish intermediate-term development. The weekly MACD’s new “buy” signal suggests a resumption of the stock’s long-term uptrend, with an initial projection of around $602, representing a 15% increase from Monday’s closing price of $522.53.

NVIDIA, the AI powerhouse (NASDAQ: NVDA), experienced a notable technical breakthrough yesterday, as highlighted by analysts at Fairlead Strategies.

On Monday, NVDA shares surged by 6.4%, driven by factors such as lower treasury yields, positive analyst feedback, the announcement of a more affordable AI chip for China, and the commencement of CES in Las Vegas. Impressively, the shares have seen a remarkable 250% increase over the past year.

The heavyweight NVDA successfully surpassed a critical resistance level near $504 in an unconfirmed breakout, according to analysts. This breakout signifies a bullish intermediate-term development, resolving a four-month trading range to the upside. Analysts pointed out that the weekly MACD now indicates a new “buy” signal.

Furthermore, analysts anticipate that this breakout will propel the stock’s long-term uptrend, with an initial projection reaching approximately $602. This represents a 15% increase above Monday’s closing price of $522.53.

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