Nvidia Stocks: Wall Street Projects Upward Momentum in the Next Year
Nvidia Stock Market Analysis
Nvidia (NASDAQ: NVDA), the semiconductor powerhouse, has been making waves in the stock market, despite a recent dip. The stock closed at $140.52 on Monday, down -1.02 (0.72%) for the day and showing a slight decline over the past five days at -1.60%. However, Nvidia shares remain up a healthy +15.71% over the last month, reflecting a continued bullish trend that has captured investors' attention.
Current Stock Patterns
Currently, Nvidia's price chart is forming a classic bull flag pattern—an indicator suggesting potential upside. This pattern typically signals that prices may rise further after a brief pullback following a strong upward move, with recent consolidation and reduced volatility providing potential entry points for investors looking for opportunities in this high-growth stock.
Nvidia Stock Support and Resistance Levels
At present, Nvidia has minimal resistance above the current price, suggesting that upward movement could face limited barriers. Meanwhile, a solid support zone exists below the current price at $133.81, with an extended support range from $131.59 to $133.81.
For cautious investors, setting a Stop Loss order below this support zone could offer some protection against potential downside risk while still allowing room to capitalize on a bullish rebound.
Wall Street’s Outlook on Nvidia
According to data from TipRanks, Wall Street analysts maintain a bullish outlook on Nvidia. The stock currently holds a ‘Strong Buy’ consensus, with 42 analysts offering price targets over the past three months: 39 recommend a ‘Buy’, while three suggest ‘Hold’.
Notably, no analysts have given a Sell rating, underscoring the market’s confidence in Nvidia’s future. The average 12-month price target is $153.86, indicating a 9.49% upside from Nvidia’s latest price of $140.52. Within this range, projections vary, with the highest forecast at $200.00 and the lowest at $90.00.
Final Thoughts on Nvidia Stocks
The most recent forecast comes from Bank of America Securities which reaffirmed its bullish outlook, increasing its price target for Nvidia from $165 to $190 while maintaining a ‘Buy’ rating. BofA’s updated target suggests an ambitious 35.96% upside from current levels.
While Nvidia’s recent consolidation may have some investors pausing, the technical indicators and Wall Street’s bullish sentiment paint a promising picture for the stock. For further insights, please visit the source.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.