Nvidia NVDA Stock Expected to Rebound to 128 According to Analysts Timeline
Nvidia, the semiconductor giant listed on NASDAQ as NVDA, is on the verge of breaking through the $115 resistance level after trading below it for a period of time. The stock has been making short-term gains as it tries to recover from a recent downturn caused by challenges in the sector and geopolitical issues.
As of the market close on July 26, NVDA was priced at $113, showing a 0.7% increase over a 24-hour period. However, on a weekly basis, the stock is down by more than 6%. Despite these fluctuations, NVDA shares have seen an impressive 135% increase in 2024.
Analyst Peter DiCarlo has set a target price of $128 for Nvidia in the short term. He believes that the stock has reached a double bottom near the $113 level, indicating strong support. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also show positive momentum.
DiCarlo’s projection aligns with Nvidia’s historical resistance and support levels, emphasizing key levels at $126.72 and $128. Breaking through these levels could confirm a bullish reversal and lead to further gains. He anticipates that the stock could reach this target by August 12.
The upcoming second-quarter 2024 earnings report from Nvidia is expected to coincide with the potential price increase. Positive results could further boost investor interest in the stock. Analysts predict that Nvidia will exceed expectations and meet its revenue target of $28 billion.
Goldman Sachs, a major financial institution listed on NYSE as GS, has highlighted that Nvidia’s earnings report could showcase how customers are utilizing AI chips to generate profits. This could dispel concerns that customers are not benefiting from the chips and are only purchasing them to keep up with demand. This development could solidify Nvidia’s position as a leading semiconductor company.
Please note that the information provided in this article should not be considered as investment advice. Investing in stocks carries risks, and it is important to conduct thorough research before making any investment decisions.