NVIDIA had technical 'breakout', stock seen headed to over $600
AI powerhouse NVIDIA (NASDAQ:NVDA) had an unconfirmed technical breakout yesterday, analysts at Fairlead Strategies highlighted.
Shares of NVDA surged 6.4% on Monday amid lower treasury yields, bullish analyst comments, news of a cheaper AI chip for China, and the start of CES in Las Vegas. They are up over 250% over the last year.
«Heavyweight NVDA decisively cleared key resistance near $504 yesterday in an unconfirmed breakout,» analysts commented. «The breakout resolves a four-month trading range higher in a bullish intermediate-term development, noting the weekly MACD has a new „buy“ signal.»
Analysts added that the breakout resumes the stock's long-term uptrend for an initial projection of ~$602, or 15% above Monday's closing price of $522.53.
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