Nvidia Stock Bullish. How High It Could Rise

On Thursday, Nvidia stock experienced a strong upward surge, reaching its highest level since the month of August. This is the procedure to follow in order to exchange it. This year has been a challenging one for investors to make money trading chip stocks, and Nvidia (NVDA) – Get Free Report is not an exception. Neither is the stock of Advanced Micro Devices (AMD), Intel (INTC), or virtually any other company in the semiconductor industry.

The best have had a decrease of just around 30 percent. Those with the worst performance have lost at least two thirds of their worth.

Nvidia is included in the second category, which is unfortunate for the company.

On the other hand, there is a silver lining, and that is the fact that chip stocks and Nvidia have been trading considerably more favorably as of late.

The VanEck Semiconductor ETF (SMH) is up almost 10% this week, has risen in three of the previous four weeks — with the lone down week a loss of just 0.72% — and is up 26% from the low point it reached in October.

It should come as no surprise that shares of Nvidia Corporation, which constitute the second-largest investment in the SMH Exchange Traded Fund, have been performing exceptionally well over the past few weeks. The stock price has advanced for the past four weeks in a row and is up a staggering 42.5% from its low point in October. However, at the moment, it is competing with a significant region on the chart.
Nvidia was driven back into the 10-day and 10-week moving averages where it found support after the slump that occurred on Wednesday. The manner in which it behaves today will be determined by how the market responds to the inflation news.

The fact that it was bullish contributed to the stock price of Nvidia going higher. At first, it was unable to break through the key $150 barrier, but now bulls are seeing shares smash through this zone.

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The region around $150 was an important zone since it represented the 50% retracement of the recent range, in addition to being the level where the gap from early September was filled in.

Now that it is pushing higher, it would be quite bullish to see Nvidia stock hold above $150, and especially above the 10-day moving average, for an extended period of time. If it can be accomplished, then the attention of bulls will turn to the upward movement.

To be more specific, it paves the way for a retracement of 61.8% around $160, followed by the 200-day moving average and the region around $185. The bulls’ ultimate goal is to see the price reach the zone between $200 and $210, as well as the 50-week moving average. If things go according to plan, there will probably be some bumps in the road along the way, but this is one possibility to bear in mind.

Naturally, revenues for the following week will not make the setup any simpler.

Breaking below $150 and the 10-day moving average would be bearish for the market and would open the door to $130 and the 21-day moving average.

However, bulls have the upper hand for the time being.

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