The leader in the graphics chip industry is approaching the select club of the 1 trillion dollar company.
The graphics card manufacturer just passed the $800 billion market capitalization milestone, making it one of the world’s largest companies. Despite the strong bullish momentum shown in recent weeks, NVIDIA is starting to show signs of weakness in the midst of a weekly overbought zone. The $305 level is the level to watch, its loss would confirm the cancellation of the last bullish gap, a potential turnaround signal that could take the stock back towards the $260-235 level. On the upside, $346 is the resistance to beat. Its definitive overcoming at the daily close would put the stock back in a free rise phase.
Supports: $305, $290-287, $272, $260.
Targets: (Bullish) $340 (Bearish) $260, $225.
Trend structure in NVIDIA:
- Short term: Neutral-bullish.
- Medium term: Bullish.
- Long term: Bullish.