What’s next for Nvidia stock after a strong 2023?

  • Nvidia stock had a great 2023, rising 237%
  • Profits are expected to grow faster than the stock
  • Technicians are bullish on Nvidia’s chart patterns
  • Cup-and-handle formation suggests a potential breakout to $560
  • Resistance near $500, but support at $450
  • Stock trading above upward-sloping 200-day moving average

Nvidia stock had a rip-roaring first half of 2023, rising 237% driven by the demand for AI chips. Despite trading sideways in the second half of the year, market technicians remain bullish on the stock. The cup-and-handle formation on the chart suggests a potential breakout to $560, with a longer-term target of $615. Resistance near $500 is not seen as a major obstacle as long as support at $450 holds. Additionally, the stock is trading above its upward-sloping 200-day moving average, indicating a positive trend. Overall, the charts indicate further upside potential for Nvidia stock.

Public Companies: Nvidia (NVDA)
Private Companies:
Key People: Frank Cappelleri (CappThesis Founder), John Kolovos (MRA), John Roque (22V)

Track all markets on TradingView

Factuality Level: 6
Justification: The article provides information about Nvidia’s stock performance and opinions from market technicians. While the information about the stock’s gains and earnings is factual, the opinions and predictions from the technicians are subjective and based on chart analysis. The article does not contain any misleading information or bias, but it does include some repetitive information about the stock’s performance. Overall, the article is mostly factual but includes some subjective elements.

Noise Level: 3
Justification: The article is focused on analyzing the stock performance of Nvidia and the opinions of market technicians. It provides information on the stock’s gains, earnings, and trading patterns. However, it lacks depth in terms of discussing the fundamentals of Nvidia’s business or its valuation. The article stays on topic and supports its claims with data from FactSet. It does not provide actionable insights or solutions.

Financial Relevance: Yes
Financial Markets Impacted: Nvidia stock

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the performance and potential future movement of Nvidia stock, which is relevant to financial markets. There is no mention of any extreme events.

Reported publicly: www.marketwatch.com