Few names have commanded as much attention in 2023 as Nvidia Corp’s (NASDAQ: NVDA) . This semiconductor juggernaut, known for its cutting-edge technology, has seen its stock surge an impressive 186% year-to-date, rendering it a headline-grabbing subject within investment circles.
Much of this meteoric rise can be attributed to the robust production and sales performance of Nvidia’s H100 GPU, a product that made its debut in the third quarter of Nvidia’s fiscal 2023, concluding on October 30. However, as the saying goes, what goes up must come down, and Nvidia is no exception. Recent market fluctuations have witnessed a sharp descent in the company’s stock, with a loss of -$43.04 (-9.50%) over the past five trading days. Thursday’s market closure saw Nvidia’s shares dip by -$12.22 (-2.89%). I
Indeed, some of the luster has dimmed on Nvidia, as well as other prominent U.S. semiconductor entities, following a breathtaking rally in 2023. This cooling off is primarily attributed to investors grappling with elevated valuations, surging Treasury yields, and discernible apprehension within the industry.
Given the prevailing ambiguity enveloping the chip stock landscape, we turn our attention to quantitative analysis. Employing CoinCodex’s AI algorithms, we ascertain a projected price for Nvidia on October 1 at $408.86. Notably, looking ahead to one year, projections point to a potential low trading point of $246.68.
NVDA technical analysis
Turning our gaze to NVDA’s technical indicators, our analysis indicates a prevailing bearish sentiment. CoinCodex, Fear & Greed Index, which currently registers at 39 (Fear), further underscores this cautious sentiment.
Over the last 30 days, NVDA stock has recorded 13 out of 30 (43%) green days, with a notable price volatility of 4.84%. In light of our NVIDIA stock forecast, the present juncture may indeed be opportune for investors, given that the stock is currently trading 8.75% below our forecast.
In the context of the past month, NVDA’s price action has encompassed a broad range, oscillating between $409.80 and $502.66. Presently, the stock finds itself perilously close to the lower boundary of this range. With prices exhibiting pronounced downward momentum in recent times, it is advisable to exercise caution when contemplating new long positions.
From a technical perspective, a crucial support zone materializes, spanning from $406.32 to $408.54. This zone derives its significance from the convergence of multiple trend lines across various time frames. Conversely, a formidable resistance zone emerges, stretching from $453.99 to $459.55.
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