Nvidia Corporation (NASDAQ:NVDA) has maintained price levels above the $200 support level. This week, the stock’s lowest price was $212, with the highest at $227. Our analysis considers that Nvidia has consolidated support at this level. In the coming week, the stock is likely to rally from the support.
Two important movements have taken place since our last update on the stock. First, Zacks Research gave Nvidia a strong buy rating. This was reinforced today by New Street Research which upgraded the stock from neutral to buy. The positive ratings confirm that Nvidia is a stock that should be on every investor’s watch list.
Consistent with the bullish expectations of Nvidia, this analysis places the target price at $280. The target is significantly lower than the year’s high of $346 and analysts’ consensus target of between $336 and $380.
Nvidia consolidated at $220 and is likely to rally towards $280
Source – TradingView
Price chart analysis shows Nvidia trading at an RSI of 43. The MACD just touched zero and is unlikely to cross below this level. Historical trends show potential reversal as soon as the MACD touches zero.
Nvidia Corporation will pivot at $220 and rally to a high of about $280 in the coming week. The target price is consistent with the resistance level over the last month. We think that Nvidia is unlikely to breach above $280 after hitting the level in the next one to two weeks.
Summary
Nvidia affirmed the support level at $200 and is currently consolidating at $220. The stock received upgrades this week, with Zacks Research rating it a strong buy. We give Nvidia a target price of $280 to be tested in the coming week.
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