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Asset Watch
Thursday, December 14, 2023
As Wall Street seemingly brims with AI confidence, more upsides could be on the horizon for December.
The stock broke above resistance from its descending triangle on Dec. 12 and has been making higher highs and higher lows since bottoming in early December. After a breakdown below the 50-hour moving average occurred in late November, the metric roughly ended three rally attempts en route to the December low.
But, with NVIDIA currently trading above the 50-hour MA and the blue line poised to keep rising, the outlook is bullish as long as the stock holds above the level.
So, while $700 may be on the docket in 2024, how long could it take for NVIDIA to close above $500?
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