NVIDIA, the AI-chip maker, is making a comeback, rising above its 50-day moving average line and breaking downward trendline. The company’s shares have been trending sideways for two months but are now forming a shallow double-bottom base. This base would have a buy point of $146.54.
The positive signs include Nvidia’s contract chipmaker Taiwan Semiconductor Manufacturing (TSM) breaking out of a cup-with-handle base, and the upcoming announcements at CES 2025 tech trade show in Las Vegas. Analysts expect Nvidia to introduce its GB300 AI server at GTC conference in March, which is set to rate as an “outperform” stock with a price target of $175.
Nvidia’s shares have advanced 0.4% to close at $140.22, and are now actionable above the 50-day line and clearing a short downward-sloping trendline from the record high of $152.89. The company is on four IBD stock lists: IBD 50, Leaderboard, SwingTrader, and Tech Leaders.
Following this positive news, investors should keep an eye on the market for further changes.
Source: https://www.investors.com/research/ibd-stock-of-the-day/nvidia-stock-early-buy-point