Nvidia Price Forecast – Nvidia Beats Estimates

Christopher Lewis
Published: May 23, 2024, 12:53 GMT+00:00

The earnings call from Nvidia beat estimates overnight, and as a result the market will continue to go higher, as the premarket pricing is over $1,000 and climbing.

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NVIDIA Technical Analysis

And that is important to remember. Nvidia is going to open Wall Street a little bit over $1,000 a share. So, we have gained quite a bit since the close. And in aftermarket and pre-market trading, we have rallied almost 7%. This of course is in thin trading, but it is more likely than not that retail traders will pile into this market given a chance at the opening bell.

So, as I look at the lion pricing, it is $1,015. So, we are clearing the $1,000 level looking at the ascending triangle that we have formed. And granted, it’s a sloppy one, but it does suggest a 20% move from here and why not? At this point, Nvidia has become such a major stock that everybody’s just piling into it.

It is the same thing that we have seen before where everybody buy into the same thing, thereby making things like The Magnificent Seven happen. And with this being the case, I think any dip you get has to be thought of as a buying opportunity and therefore taking advantage of it. It’s also worth noting that they announced a ten for one stock split. So, June 6th, I believe the price of Nvidia will drop closer to $100 a share, which makes sense because it’s way out of the reach of retail traders. Short term dips, of course, will continue to attract a lot of attention, and it’s likely that the $750 level is now a massive floor in this market.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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