Nvidia (NVDA) shares are slowly climbing back to all-time highs on Wednesday. The semiconductor giant has recouped much of what it lost in the tech selloff in early August and could rise even higher depending on its next quarterly report, due out next Wednesday, August 28.
Ines Ferré, senior business reporter at Yahoo Finance, joins Catalysts to discuss what’s next for Nvidia and what investors should take note of.
To learn more about expert insights and the latest market trends, click here to watch this full episode of Catalysts.
This post was written by Nicholas Giacobino
Video Transcript
This is where Mia begins to rise.
Again, up about 1%.
There is just one week until the quarterly financial results are announced.
The stock is up about 30% in the last two weeks and we will learn more about what the next catalyst is for the stock we want to bring Anne into, but NVIDIA’s record levels are not far off.
Yes, that’s right.
That is, just above the $100 and $40 per share levels recorded in June.
So right now we’re down $12 from those levels and as you mentioned, NVIDIA is just above $100 and analysts are expecting $28 with a week to go until the quarterly earnings release.
So what does the future hold for this stock?
Well, Oppenheimer put out a note earlier this week addressing some of the support and resistance levels for this stock.
We are talking about $100 and $20 being support levels here.
This is Nvidia’s 50-day moving average of 100 and 6 is another support level which is the 100-day moving average.
And here we have the $90 level.
This is the low price for August.
Recall that on August 7, NVIDIA stock closed below $100 per share.
In terms of resistance, 100 and 25 1 36 are the resistance levels for this stock.
There have been some bullish comments from analysts recently, essentially reaffirming their bullish view on NVIDIA stock.
And 66 Street analysts have rated the stock with a buy rating, 8 with a hold rating and 100 with a sell rating, with the average target price of all analysts being $42.
The story continues
Many analysts say they aren’t too worried about reports of delays, or possible delays, to the next generation of Blackwell chips.
Additionally, data center spending by major technology companies remains strong.
Okay.
Thanks for joining us, Ines. NVIDIA closed near its all-time high again off of its June high.
So we’ll continue to monitor that.
