Wall Street bears are rekt as the US equities extended their gains after the release of the October CPI report. As a result, Nvidia stock price is targeting a fresh all-time high after breaking out from a major accumulation zone.
While the outlook of NASDAQ: NVDA is looking very bullish, it might not be a great idea to chase the ongoing pump. This is because the stock has already surged 26.7% from the monthly lows and a pullback seems to be imminent.
The DXY index had its biggest daily loss of the year as the YoY inflation remained at 3.2% in October against the market expectations of 3.2%. This downtrend in inflation resulted in a strong surge in tech stocks. Consequently, Nvidia stock surged 2.13% on Tuesday.
The following chart shows the latest analysis of the NVDA chart. You can see that the stock has broken above the range highs of $481 as the bulls gain momentum. The next price target seems to be the all-time high of $502.66. If the price gains strength above the $500 level, I expect a good bullish continuation.
This post was last modified on Nov 14, 2023, 21:27 GMT 21:27