Nvidia (NASDAQ:NVDA) shares have recently witnessed a surge, growing around 15% over the past three weeks, benefiting by enhanced risk sentiment. Bank of America’s technical analysts are optimistic about the stock’s future performance. Nvidia reached new record highs in the middle of 2023, suggesting the potential for more growth. The stock has built solid support between $410 and $403, which coincides with the ascending 26-week moving average. Analysts are keeping an eye on the $481 peak from July.

Breaking past this threshold is crucial for maintaining Nvidia’s bullish trend. However, if the stock fails to surpass $481, there’s a risk of it developing a head and shoulders pattern spanning from July to October/November, as outlined by BofA technical analysts. They warned that if the stock drops below the $410-$403 range, it would confirm this bearish pattern, with the risk plunging to the late 2021 high near $346. If Nvidia’s stock can successfully breach the crucial $480 resistance, the analysts anticipate it might soar up to $580.

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