Nvidia Stock Analysis & Price Prediction
Nvidia (NASDAQ: NVDA) has been a topic of interest lately due to its price volatility and the anticipation surrounding its upcoming earnings report. The stock has shown bullish momentum recently, reaching the $130 mark before experiencing a slight downturn. Despite this, analysts predict further upside for NVDA in the near future, especially with the highly awaited Q2 2024 earnings report on the horizon.
NVDA Share Price Prediction
An analysis by trading expert Banana3 on August 20 revealed a potential trajectory for Nvidia’s stock price. The expert’s insights suggest a target price of $146 post-earnings, based on technical analysis of the stock’s recent price action. By examining the daily chart and applying a measured move calculation, Banana3 projected a target of $190 initially, adjusted to $180.50 considering a 5% risk premium. The breakout from a flag pattern and indicators like MACD and RSI further support the possibility of a bullish trend for Nvidia.
Technical Analysis Insights:
- Measured move projection to $190, adjusted to $180.50 with a risk premium
- Breakout from a flag pattern suggests potential liquidity undercut
- MACD indicator showing a bullish crossover
- RSI bouncing from oversold levels, indicating a possible rally
Other Nvidia Indicators for a Breakout
The comparison to the Wyckoff “Spring” concept, recent price action displaying a “Spring” event, and indicators like MACD and RSI point towards a positive outlook for Nvidia’s stock. The expert’s forecast aligns with a modest 3% increase above previous highs, translating to a 55% growth from recent lows. This signifies the potential for substantial gains if the stock continues on its current trajectory.
Impact of Nvidia Q2 2024 Earnings
Analysts believe that Nvidia is set to announce strong Q2 2024 earnings on August 28, driven by the continued demand for its graphics processing chips used in AI workloads. Entities like Goldman Sachs maintain a ‘buy’ rating for NVDA, emphasizing the positive market sentiment surrounding the stock.
Hot Take: Will Nvidia’s Stock Rally Post Q2 Earnings?
As an investor, keeping an eye on Nvidia’s stock performance post Q2 2024 earnings could present lucrative opportunities for growth. With bullish indicators and analyst consensus pointing towards a positive outlook, NVDA’s future trajectory seems promising. Stay tuned for the earnings report and monitor market trends to capitalize on potential gains in the upcoming period.
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