The share price of American semiconductor giant Nvidia (NASDAQ: NVDA) is likely to extend its rally and surpass the $200 mark before the end of the year.
Notably, after a brief spell of short-term losses, NVDA stock opened Monday on a bullish note, rising 1.7% to $169 as of press time.
According to analysis by TradingShot in a September 8 TradingView post, the bullish outlook comes after the stock entered a pivotal stage when it broke below its 50-day moving average (MA) last week for the first time in four months. The MA50 had served as key support since early May, underpinning the stock’s steady advance.
The next critical support lies at the 100-day moving average near $150, which previously triggered a powerful rebound during Nvidia’s October 2023 to June 2024 rally.
Back then, a dip under the MA50 also occurred, but the MA100 held firm, preventing a deeper correction and fueling a surge to record highs.
In the near term, the analyst noted that Nvidia could still test the 0.236 Fibonacci retracement level at $155 if weakness persists. A slip into this zone may coincide with a brief breach below the MA100, although technical signals suggest a rebound is more likely before such a scenario unfolds.
Adding weight to the bullish case, the relative strength index (RSI) has now touched its two-year support zone, a historically reliable buy signal for both short- and long-term entries.
NVDA stock’s path to $245
If this setup holds, TradingShot projects that Nvidia could target $245 in the medium term, aligned with the -0.382 Fibonacci extension. Based on current chart structure, this level could realistically be reached by early November, provided the MA100 support remains intact and momentum continues.
Such a breakout would provide a major boost for the company, which is already riding the artificial intelligence wave and maintaining its leadership in the space.
The potential was highlighted in its latest second-quarter earnings report, where Nvidia posted revenue of $46.7 billion, a 56% year-over-year increase driven largely by booming demand in AI data centers.
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