New Chips From Nvidia! Another growth cycle for the stock?

BATS:NVDA   NVIDIA Corporation
Nvidia Corp unveiled its new H200 Tensor Core GPU yesterday, 13 November 2023. This chip boasts a 60-90% productivity increase compared to current models, with Nvidia's main competitors still in the process of developing analogs. The H200 Tensor Core is scheduled for general sale in Q2 2024. It may lead to a future rise in revenue and net profit of the issuer.

Consequently, today, our focus is on the Nvidia Corp (NASDAQ: NVDA) stock chart.

On the D1 timeframe, support has formed at 398.80, but resistance has not yet developed. Following a prolonged growth cycle, a correction to 476.52 is most likely.

On the H1 timeframe, if the asset's upward trend persists, a short-term target for a price increase might be around 502.67. In the medium term, the target for a price increase could hover around 532.55.

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