Nvidia Weekly Price Forecast – Nvidia Continues to Find Buyers

NVIDIA Technical Analysis

You can see that although we did kick off the week on a soft footing, the reality is that NVIDIA continues to find plenty of buyers and therefore you have to respect the fact that we are still very much in an uptrend. In fact, it’s very unlikely that it changes anytime soon as it’s the only thing anybody seems to be talking about on Wall Street. When you get these moves, they can happen for quite some time, but they also in just as quickly when the music stops.

If that’s going to be the case, then ultimately this is a market that you have to look at dips as potential buying opportunities. The $740 level underneath is an area that I think a lot of buyers will be attracted to, and I do think at this point in time we are looking at a potential move to $1,000, albeit over the longer term, not necessarily something that we see anytime soon.

In general, Nvidia is leading the charge for artificial intelligence and of course it is the latest FOMO stock that everybody’s chasing and that is a very difficult stock to bet against. With that being said, tread lightly and be cautious with your position size as when things do change directions, it could end up being quite vicious and it could be very sudden.

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