Nvidia stock has been on a bullish run today, showing a 3.37% gain and now trading at $122.85. Here’s a look at the key support and resistance levels driving Nvidia’s performance.
Immediate resistance at $130.03: Nvidia is pushing toward the $130.03 resistance zone, a level it has tested before. A breakout here could open the door for a rally toward the next significant resistance at $139.85.
Support at $116.19: On the downside, $116.19 remains a crucial support level. This zone has held firm in the past, and if breached, the stock could drop to the next support at $102.86.
Volume: an uptick in trading volume was caused by the days rally, indicating market interest.
Nvidia leadership position in the AI chip market drives its exceptional stock performance. CEO Jensen Huang has highlighted that the demand for Nvidia’s H100 and A100 GPUs exceeds supply, as industries rush to incorporate AI technologies. Nvidia’s success in the AI sector has maintained positive investor views.
Looking ahead, Nvidia’s Q3 2024 earnings report is expected to provide more insights into how the company is managing its booming demand and rising costs. Analysts will examine revenue growth in key areas such as gaming GPUs, AI chips, and its fast-growing data center segment. Strong earnings could push Nvidia above its current resistance levels, potentially reaching the $140 range.
In this final quarter of 2024, NASDAQ: NVDA growth prospects remain robust. The stock’s next major test will be at $130.03. If Nvidia can clear this level, the next move might be toward $140. However, any downside pressure could pull the stock back toward $116.19, where support has proven strong.
This post was last modified on Oct 04, 2024, 13:39 BST 13:39