NVIDIA’s stock continues to dominate market conversations. Today, its share price stands at $119.14, reflecting investor confidence in the company’s dominance in the AI hardware industry.
The chart shows a recent bounce from the $102.86 support level, which has provided a solid base for NVIDIA’s stock recovery. This level has been crucial for maintaining bullish momentum, especially after the recent market pullback.
Looking ahead, the next resistance level stands at $130.03, a barrier that NVIDIA has struggled to surpass in recent weeks. Should the stock break through this level, the next key target is $139.85, signalling the potential for further gains. On the downside, failure to maintain current momentum could result in a retest of the $102.86 support. If broken, the stock could drop to $96.16 a key support level.
Nvidia’s GPUs power the world’s most advanced AI and machine learning systems, indicating NVIDIA AI dominance. As global businesses invest heavily in AI infrastructure leading to the AI sector growth, demand for NVIDIA’s products continues to rise.
This demand has translated into sustained stock price growth. The upcoming earnings report is expected to highlight record revenues driven by AI projects, and many analysts predict a potential breakout beyond the $130.03 resistance.
NVIDIA stock price chart showing support and resistance levels for September 2024.
In the short term, traders should monitor the $130.03 resistance closely. A successful breakout could pave the way for NVIDIA’s stock to reach new highs, with $139.85 as the next target. However, failure to hold above $119 could see prices consolidating toward the $102.86 support.
This post was last modified on Sep 13, 2024, 12:56 BST 12:56