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Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

News

EIA ups oil output forecast, but supply fears loom

Asset Watch

Will NVIDIA sidestep bearish seasonality?

Thursday June 20, 2024

The June doldrums are upon us, and the S&P 500 often struggles mightily during the latter half of the month. However, if a healthy correction hits Big Tech, it could provide a nice opportunity to capitalise on NVIDIA’s momentum.
Rosenblatt Securities analysts increased their NVIDIA price target from $140 to $200 on Jun. 18, saying the stock’s 40x price-to-earnings (P/E) multiple and projected 2026 earnings per share (EPS) of $200 justifies a nearly 50% rally.
“We see NVIDIA’s Hopper, Blackwell, and Rubin series driving ‘value’ market share in one of Silicon Valley’s most successful silicon/platform product cycles,” the team wrote.
While the long-term fundamental outlook remains robust, could a solid entry point be on the horizon for momentum investors?

To play it, pay close attention to NVIDIA’s 50-hour moving average (the blue line). The key level has acted as support several times over the last month and a half, and a pullback to the blue line represents a roughly 6% correction. But please note the blue line will keep rising the longer NVIDIA trades above it, so you need to monitor it for changes.

 

Supporting a short-term pullback, NVIDIA’s hourly RSI peaked on May 28 and has been making lower highs ever since. As a result, the bearish divergence signals decelerating momentum, and when combined with bearish seasonality, may provide the necessary fuel for a pullback to the 50-hour MA.

 

So, should you practice patience in the days ahead or board the NVIDIA train before it leaves the station?


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