Nvidia stock (NASDAQ: NVDA) price is once again gaining traction as the bulls aim for another retest of the $500 level. The stock of the AI giant and the semiconductor firm is retesting a major resistance level and a breakout can flip the outlook very bullish.
However, there is also a strong possibility of rejection from the current levels as there is a strong resistance around $481. This is because the stock has faced multiple rejections from this level which is the highest point of the current trading range, as mentioned in the following chart.
According to the latest Nvidia news, the chipmaker is focusing on the Southeast Asian markets amid trade tensions between China and US. The recent restrictions on semiconductor exports have limited the export of the tech giant’s flagship AI chips to China.
Consequently, Nvidia Inc. is now expanding its business network and relationships in Southeast Asian countries like Singapore, Malaysia, and Vietnam.
On a higher timeframe, Nvidia stock price has generated astronomical returns in 2023. On a yearly timeframe, NVDA is up 230% and the outlook is looking very positive as it keeps beating analyst estimates in its quarterly earnings reports.
Technical analysis reveals that NASDAQ: NVDA is trading at a very critical level. If you are looking to buy this stock, then a better idea is to wait for a breakout above $481. Nvidia stock price forecast will turn very bullish if it turns this level into support in the coming days.
The US equities are looking very bullish as the Fed’s tightening cycle enters its final stages. As a result, analysts are expecting the US central bank to start cutting interest rates as soon as the first quarter of 2024. However, inflation still remains well above 2%, and the CPI and PCE inflation data for the next couple of months will be the key in this regard.
This post was last modified on Dec 15, 2023, 14:39 GMT 14:39