Shares of Nvidia Corp. (NVDA) rallied 1.7% toward a record high in premarket trading Wednesday, after Bernstein analyst turned bullish on the graphics chip maker, citing upcoming product cycles, near-term catalysts and the resumption of hyperscale spending. They have raised his rating to outperform, after being at market perform for the past year. They have boosted the stock price target to $360, which is 21% above Tuesday's closing price of $296.57, from $300. Price is already up about 5.3% today as I pen down this review
Lets now look at the charts from a cycle perspective and see what is expected.
We are in a upside zone in the 42 day cycle, one that the stock has been following well. In this bullish phase, positive news can have expanded favorable movements, as we are witnessing. As shown in the charts, as the cycle matures, somewhere in the first week of March 2020, one may expect a minor test of support levels as minor cycle bottoms, and price should likely find support in todays gap up opening around 297 levels being strong, until breached. As the larger cycle matures around end of March/ First week of April 2020, price is expected to make a cycle bottom, NVDA should like find support around (price around $284 to $275 ), the upward window and the previous window $262 to $264.
Hope this finds value and buying on dips may be a god option specially around support zones.
If you like what you read, please share a thumbs up and share your comments below. Follow me for more updates on this.
Lets now look at the charts from a cycle perspective and see what is expected.
We are in a upside zone in the 42 day cycle, one that the stock has been following well. In this bullish phase, positive news can have expanded favorable movements, as we are witnessing. As shown in the charts, as the cycle matures, somewhere in the first week of March 2020, one may expect a minor test of support levels as minor cycle bottoms, and price should likely find support in todays gap up opening around 297 levels being strong, until breached. As the larger cycle matures around end of March/ First week of April 2020, price is expected to make a cycle bottom, NVDA should like find support around (price around $284 to $275 ), the upward window and the previous window $262 to $264.
Hope this finds value and buying on dips may be a god option specially around support zones.
If you like what you read, please share a thumbs up and share your comments below. Follow me for more updates on this.