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Is Nvidia (NVDA) On A Path To $500?

For the last couple months, Nvidia (NVDA) has been one of the best performing stocks in the market. However, despite this outperformance, the stock has found itself somewhat bound between a few levels of resistance and support, forming a wedge pattern in the process.

There is still a lot of hyper surrounding the artificial intelligence development, which NVDA stands to be one of the largest benefactors from. If the market can get a postive pop from the rest of earnings, we should see another leg higher.

As has been the case all throughout this bull rally, it has been fraught with pullbacks and areas of consolidation. These are areas where we need to take a step back and determine whether or not the trend is still intact and find A+ setups.

Here, we have a clear wedge forming on a stock that has obviously been in play for quite sometime now. But, the reality of this pattern is it often swings to a bearish move on the stock. If the upper level of this formation is able to be broken, that could pave the way for the stock to hit that 500 mark.

If the stock can’t break the upper level of resistance, then the stock would likely fall back to the lower bound of the formation before pausing. Keep a close eye on this stock as it is prone to make massive moves. If the market finds more life, expect NVDA to be leading the way.

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Good Luck With Your Trading!

Christian Tharp, CMT

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