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NVIDIA had technical 'breakout', stock seen headed to over $600

AuthorFrank DeMatteo
Published 01/09/2024, 09:15 AM
Updated 01/09/2024, 09:17 AM
© Reuters. NVIDIA (NVDA) had technical 'breakout', stock seen headed to over $600

AI powerhouse NVIDIA (NASDAQ:NVDA) had an unconfirmed technical breakout yesterday, analysts at Fairlead Strategies highlighted.

Shares of NVDA surged 6.4% on Monday amid lower treasury yields, bullish analyst comments, news of a cheaper AI chip for China, and the start of CES in Las Vegas. They are up over 250% over the last year.

"Heavyweight NVDA decisively cleared key resistance near $504 yesterday in an unconfirmed breakout," analysts commented. "The breakout resolves a four-month trading range higher in a bullish intermediate-term development, noting the weekly MACD has a new "buy" signal."

Analysts added that the breakout resumes the stock's long-term uptrend for an initial projection of ~$602, or 15% above Monday's closing price of $522.53.

Latest comments

I am sure China is watching this.
Nvidia still not running out of ideas to pump it's stocks. what next? Ai in our tooth brush? ai on everything and they provide it. lmao
All of a sudden all the modern CPU's are AI Chips.  You still have to beat an AMD CPU chip, coupled with a graphics card if you want to win the market.  All AI is just new programs that can handle more information.
All this AI hype. Sure, it's a great thing, but so was the Internet in 1999-2000. If something seems too good to be true, it is.
Insane valuations in the face of increased competition. I'm shocked we're at 540. Surely I big shake out below 500 is likely. It's happened so many times before.
They’re actually undervalued
Good luck to those chasing this after it is up 20,000% and has a market cap of $1.32 trillion.
There was no "technical breakout", its just a parabolic pump. There is no value in this market, they are just pumping stocks that already have valuations over $1 trillion. NVDA has a market cap of $1.32 trillion. They have already factored in over half a century worth of growth an profits. There is a reason that Berkshire/Buffet has their highest cash position in their history and is warning that they are having trouble finding value in this market.
By far the best stock to own. I’m up over 800% 🤪
Profits are unrealized until the asset is sold.
👍️
It works until it doesn't.
ahh
Same forecasts for INTC and CSCO in 1999 and 2000. They still haven't seen those ATHs yet!
NVDA is a way better company that those two. It definitely gonna see those levels pretty soon
Poetry.
 it wasn't better five years ago. now all the sudden they are. that is merely speculative and overbought. but go ahead and "invest" or gamble as you wish
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