UPDATE: Nvidia reached our first target at $562, now what?

21 févr.

Haven't done an update on Nvidia in ages!

The last one I did was for the members in May 2023.

So yes, the price broke up and out of the pattern - hit the target level at $562.

Now what?

I hate predicting Reversals when the market is trending up as there are elements of ego that play around.

So if it goes up, go for it!

But there are certain potential signs of a reversal.

1. The evening Doji Candle star - Indicates exaustion from the upside

2. The price is FAR away from the 200MA which the price likes to act like an elastic to head back to the mean.

3. The inclination is high for a trending market that it could be a bubble in the making.

The fundamentals are strong and the earnings are good - But is the price going up faster than the consistencey of the company's numbers?

Very likely.

But a short term crash to $512 does not mean bad for the company.

But rather a well deserved restracement to balance the demand and supply. Still very much bullish in the LONG RUN.

Hesitant to buy in the short run (until there is a stronger Chart Pattern) analysis.
Here are some updates fundamentally.

FUNDAMENTALS - 21 Feb 2024

When Nvidia announces its fiscal fourth-quarter earnings after Wednesday's market close, it will come as the world's third most valuable public company, indicating high investor expectations.

The company's stock price has surged significantly since the end of 2022, driven by soaring demand for its graphics processing units (GPUs), particularly those powering artificial intelligence (AI) technologies such as the H100 chip.

Nvidia's chips are instrumental in developing advanced AI models like ChatGPT. With a market capitalization reaching about $1.8 trillion, Nvidia has surpassed Alphabet and Amazon, now trailing only Microsoft and Apple in valuation.

Analysts from Bank of America note the steep rise in Nvidia's stock price, attributing it to a combination of fear, greed, and a broad investor pursuit of AI-related assets.