As 2024 comes to an end, Nvidia Corporation NVDA remains stable around the key 20-day average. On the other hand, Metaplatform meta A rebound above the 50-day average is possible.
What Happened: According to data from Benzinga Pro, you can assess the technical health of these stocks by identifying their support and resistance levels.
Nvidia Inc.
Technical analysis of the daily moving average shows that the stock is clinging to the support provided by the 20-day exponential moving average.
The stock closed Monday at $137.49 per unit. This was slightly above the 21-day exponential moving average of $137.36 and the 20-day simple moving average of $137.37. However, the current stock price is lower than its 50-day simple moving average of $139.96 and higher than its 200-day simple moving average of $117.63, according to data from Benzinga Pro.
This means that the stock price is receiving support at the 20-day level, and the Relative Strength Index of 49.91 suggests that the stock price movement is in the neutral zone.
meta platform
Technical analysis of the daily moving average shows a bullish uptrend as the stock price remains above the level of the 50-day moving average.
The stock closed Monday at $591.24 per unit. This was above the 50-day simple moving average of $587.91 and the 50-day exponential moving average of $588.93. However, the current stock price is lower than its 20-day simple moving average of $609.59 and higher than its 200-day moving average of $528.11, according to data from Benzinga Pro.
This means that the stock price is trending upward. On the other hand, the relative strength index of 46.5 suggests that the stock price movement is in the neutral zone.
Why it matters: As we enter the new year, Jim Cramer, in a December 16th X post, points to the possibility of a market correction for NVIDIA in X, citing the recent surge and lack of a “climb moment” warned about. He predicted a “vicious” and “swift” reversal. This comes as NVIDIA faces antitrust investigation in China over its 2020 acquisition of Mellanox Technologies.
TF Securities analyst Ming-Chi Kuo said he expects the investigation to remain unresolved in the short term, similar to Qualcomm QCOM’s 15-month antitrust case in China. .
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JPMorgan raised Meta Platforms’ price target to $725 and maintained its “overweight” rating on the stock as of December 1. The company expects strong growth in the Internet sector in 2025 as AI’s focus shifts to applications and agents. We expect AI spending to increase next year as Meta and other technology leaders overcome computing constraints in 2024.
Trust Securities analyst Youssef Squali maintains Meta’s Buy rating, with a price target of $700 per share, based on the company’s strong earnings, gross margins, and potential for sustained growth. I raised it to .
Price Action: Nvidia stock has increased 0.62% pre-market and 185.43% year-to-date, outperforming the Nasdaq 100, which is up 28.13% for the year.
According to Benzinga, NVIDIA has a consensus price target of $170.56, based on valuations from 40 analysts. The highest price target among analysts tracked by Benzinga is $220 issued by Rosenblatt as of November 21, 2024. The lowest price target is $120 published by New Street Research on August 6, 2024.
The average price target of $154.67 from DA Davidson, Phillip Securities, and Truist Securities implies an 11.83% upside for NVIDIA.
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Meta stock is up 0.48% pre-market and up 70.74% year-to-date, outperforming the Nasdaq 100, which is up 28.13% for the year.
Meta’s consensus price target is $642.51, based on valuations from 41 analysts, according to Benzinga. The highest price target among all analysts surveyed by Benzinga is $811, issued by Rosenblatt as of October 31st. The lowest price target is $360, issued by Exane BNP Paribas on May 2nd.
The average price target for JPMorgan, Trust Securities, and Piper Sandler is $154.67, giving Meta upside potential of $17.55.
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