Advertisement
Advertisement

Nvidia Price Forecast – Nvidia Continues to Look Stretched

By:
Christopher Lewis
Published: Feb 29, 2024, 13:40 UTC

Nvidia was somewhat stagnant heading into the trading session on Thursday, as we continue to see a lot of froth in a market that has been stretched quite drastically.

In this article:

NVIDIA Technical Analysis

Nvidia has been a significant melt up type of stock for some time, but this last week has seen real hesitation and quite frankly, that’s something this market needed at the very least. You cannot simply go straight up in the air forever and Nvidia is probably going to learn that or at least those that are chasing it. After all, since the beginning of the year, we have seen a roughly 75% gain at the high. So, a pullback is not only necessary, but I think it’s quite welcome. There are several areas that I would be paying attention to in the first place that I would point out would be 740.

That’s an area where I think you could see quite a bit of market memory coming into play based on previous price action. Then under there, I think you’re probably looking at about 660, maybe a little bit lower. The 20-day EMA is racing towards all of that, and then you have the 50-day EMA racing towards the very bottom of it. Either way, you cannot be a seller of this market and you certainly don’t want to go short. Buying on the pull banks will continue to be the way going forward. You are going to have to find value along the way as this market clearly has seen a bit of a mania recently, and a lot of times that needs to be focused upon. Either way, I do think that Nvidia will end up being a great long-term investment but getting a decent price will be crucial as well.

For a look at all of today’s economic events, check out our economic calendar.

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.

Did you find this article useful?

Advertisement