Nvidia Stock Expected to Rally to New High as AI Demand Continues
Nvidia Corp. (NASDAQ: NVDA) stock has been on the rise due to increasing demand in the Artificial Intelligence (AI) space, and Aksel Kibar, a chartist and former fund manager, believes it will continue its upward trend.
Kibar predicts Nvidia's price target at $235, indicating a 4.72% potential upside from its current price of $224.41. He based this analysis on the stock's daily chart forming an inverse head-and-shoulders pattern with a neckline around $235.
This technical indicator suggests that after breaking out of the resistance level at $235, Nvidia may rally to a new all-time high (ATH). Additionally, Kibar noted that the 200-day Moving Average has acted as strong support for the stock.
Wall Street analysts surveyed by TipRanks have set an average price target of $329.32, indicating a possible 46.76% uptrend. Analysts at Bank of America Corp. and JPMorgan Chase & Co. also reaffirmed their 'Buy' ratings with price targets of $350 and $320 respectively.