Nvidia (NVDA) Shares Consolidating Below $150
On October 22, while analysing Nvidia (NVDA) stock charts, we noted:
The stock had reached the $140 level;
A long-term ascending channel (shown in blue) was mapped;
Potential for price growth along the Quarter Line was suggested, dividing the lower half of the channel.
Bullish sentiment remains around Nvidia, one of the leading stocks of 2024, with the price now just below the $150 psychological mark about 29 days later. Nvidias technical analysis reveals that:
Price fluctuations are narrowing, forming a tightening triangle (illustrated with black lines), which may suggest consolidation as bulls hesitate before challenging a significant level;
Meanwhile, bears appear unable to gain momentum, as attempts to push prices down on wider candles (highlighted with red arrows) have not succeeded in setting a continued downtrend.
This indicates a balanced situation between demand and supply, with a slight edge for buyers. The sustainability of this buyer advantage will be tested if theres an attempt to break above $150.
According to TipRanks:
32 out of 42 analysts recommend buying NVDA stock;
The average price target for NVDA over the next 12 months is $157.
Read more: https://fxopen.com/blog/en/oa-nvidia-nvda-shares-consolidating-below-150/
Text source: Forex Trading Blog
