NVDA Breakout Could Unlock Higher Targets: Analysts
Nvidia Corporation (NVDA) is showing underlying strength and improving demand, according to analysis of its stock price pattern.
A bullish reversal established a stronger foundation after the recognition of a key support area in early August. The lows of the double bottom confirmed support near the confluence of the 61.8% Fibonacci retracement of the prior advance and the 200-day moving average.
The stock's daily chart shows strengthening within consolidation, with two higher swing lows and higher swing highs established as it consolidated largely above prior resistance levels.
A decisive rally above the September peak of $234.76 will signal a continuation of the developing advance, potentially targeting the 100% projection for a rising ABCD pattern at $261.84 or the 161.8% Fibonacci extension of the recent downswing at $265.30.