Followers | 679 |
Posts | 140823 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Friday, March 29, 2019 4:22:41 PM
By: TheStreet | March 26, 2019
Nvidia stock continues to rally, but will it be able to hit $200? Even if it can, then what?
Shares of Nvidia (NVDA - Get Report) continue to trade well, closing higher by 1.78% to $176.87 on Tuesday. The jump has Nvidia shares just below its 2019 highs and multi-month highs near $185. Can the momentum continue and allow Nvidia stock to reach $200?
The semiconductor group has plenty of momentum right now, which is being seen in Advanced Micro Devices (AMD - Get Report) , as well as the Vaneck Vectors Semiconductor ETF (SMH) .
On Tuesday, Nvidia is getting a little help from the analysts at Piper Jaffray, who initiated the stock with an overweight rating and $200 price target. Keep in mind, this name has a 52-week high north of $292 and just had a very solid GTC conference last week. Let's take a further look at the charts.
Analysts bought shares of Nvidia Monday and say they will continue to "hunt for opportunistic levels to scale deeper into our most recent initiation."
Trading Nvidia Stock
Nvidia's inventory- and bitcoin-related issues are well known, at this point. It's what caused the stock to tumble from $290 to $125 -- a decline of more than 55% -- in less than three months. Holy cow, that's disastrous for the bulls and dealt plenty of technical damage to the charts.
Until Nvidia can prove to Wall Street that it's done cutting its outlook and can get back to its growing ways -- and it will, eventually -- we have to use some caution with the name. We're already 42% off the lows and while one could certainly argue that Nvidia stock didn't deserve to trade below $130, we have had a big bounce already.
If the stock can maintain $170+, then taking out its recent highs seems reasonable. If that's the case, we need to consider a few upside targets. A few levels to consider include the 38.2% Fibonacci retracement at $189, the November gap fill level near $197, the 200-day (now near $207) and the 50% retracement up near $209. Finally, the 61.8% retracement is up near $229 and fills the gap down in October.
I realize those are a lot of levels, but it pays to know where Nvidia stock could run out of fuel before pulling back or consolidating. On the upside, bulls can stay with Nvidia as long as it stays north of $170 and the 20-day moving average. Below and we'll need to reconsider the environment for Nvidia stock, semiconductors and the broader market.
Read Full Story »»»
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Recent NVDA News
- Apple Loses Market Share in China, GM Surges in Pre-Market Following Upward Revisions for 2024 Projections, and More News • IH Market News • 04/23/2024 11:25:34 AM
- U.S. Index Futures Surge While Wall Street Eyes Rebound on Earnings Focus, Oil Prices Slip • IH Market News • 04/22/2024 12:09:47 PM
- Li Auto Stock Drops 7.3% Amid Tesla Price Cuts, Salesforce Retreats from Informatica Deal, and Other Market Updates • IH Market News • 04/22/2024 12:09:21 PM
- Nasdaq, S&P 500 Extend Losing Streaks On Tech Weakness But Dow Advances • IH Market News • 04/19/2024 08:32:14 PM
- Traders May Make Another Attempt At Bargain Hunting • IH Market News • 04/18/2024 01:14:37 PM
- Apple to Invest $250 Million in Singapore Expansion, Oracle Commits $8 Billion to Japan Infrastructure, and More News • IH Market News • 04/18/2024 11:11:52 AM
- United Shares Surge 5.3% in Q1 2024 Earnings Beat; Take-Two Cuts 5% of Workforce, and More News • IH Market News • 04/17/2024 10:57:39 AM
- Delta Generates US$37 Million Profit in Q1, Google and Intel Unveil Cutting-Edge AI Chips, and More News • IH Market News • 04/10/2024 11:13:48 AM
- U.S. Stocks May Move Back To The Upside In Early Trading • IH Market News • 04/05/2024 01:10:21 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- U.S. Stocks Close Sharply Lower Following Late-Day Sell-Off • IH Market News • 04/04/2024 08:34:37 PM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- GameStop Shares Tumble 20% in Pre-Market Trading Amid Revenue Decline, Direct Digital Plummets 42%, and More News • IH Market News • 03/27/2024 10:54:47 AM
- Tech Sector Weakness May Weigh On Wall Street • IH Market News • 03/25/2024 01:26:54 PM
- U.S. Stocks Close Mixed On The Day But Sharply Higher For The Week • IH Market News • 03/22/2024 08:40:00 PM
- Looming Fed Announcement May Lead To Choppy Trading On Wall Street • IH Market News • 03/20/2024 01:16:55 PM
- U.S. Index Futures Trade Sideways Amid Anticipation of Fed’s Policy Update; Oil Prices Dip • IH Market News • 03/20/2024 11:17:32 AM
- JPMorgan boosts dividends, Chipotle unveils 50:1 stock split, and Latest News • IH Market News • 03/20/2024 11:15:48 AM
- U.S. Stocks Show Notable Turnaround Amid Rebound By Nvidia • IH Market News • 03/19/2024 08:35:13 PM
- Futures Pointing To Initial Pullback On Wall Street • IH Market News • 03/19/2024 01:22:58 PM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- US Index Futures Decline Ahead of Federal Reserve Meeting, Oil Prices Retreat • IH Market News • 03/19/2024 11:27:29 AM
- Nvidia Unveils Blackwell: The Next-Gen AI Architecture Powering the Future of Computing • IH Market News • 03/19/2024 10:35:39 AM
- NVIDIA Digital Human Technologies Bring AI Characters to Life • GlobeNewswire Inc. • 03/18/2024 10:01:38 PM
- NVIDIA Powers Japan’s ABCI-Q Supercomputer for Quantum Research • GlobeNewswire Inc. • 03/18/2024 10:00:56 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM