Beaten-down shares of Nvidia (NVDA) look interesting at triple bottom support dating back to late June. Each time it tests this support line, it seems to bounce, as it’s starting to do again now. NVDA is also starting to pivot from over-extensions on RSI, MACD, and Williams’ %R. And from a current price of $436.63, we’d like to see it initially retest $476.
Helping, Bank of America recently reiterated a “top pick” rating on NVDA, with a $650 price target. “We believe the new data center roadmap disclosure suggests widening product breadth with an accelerated launch cadence that can continue to make it tougher for merchant competitors to catch-up,” they said, as quoted by Barron’s.
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies