Thanks to its dominant position in the semiconductor industry and role as the crucial hardware supplier for the artificial intelligence (AI) sector, Nvidia (NASDAQ: NVDA) has become one of the strongest stocks in the market in 2024.
Indeed, NVDA shares entered an uptrend in the final quarter of 2022 and have continued rising – with some minor setbacks along the way – ever since.
This year has proven especially strong for Nvidia stock as it has managed to maintain its rally for nearly eleven consecutive weeks – essentially since the very start of 2024 – and is up, since January 1, a full 87.62%.
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Should NVDA continue closing higher on Thursday and Friday, it will solidify the longest winning streak in its history.
Can Nvidia stock continue rising?
Technical analysis (TA) retrieved on March 21 from TradingView, indicates that Nvidia shares are not only likely to reach the milestone of 11 consecutive green weeks, but are also well-positioned to continue rising into the foreseeable future.
While oscillators derived from NVDA’s weekly and monthly stock market performance are neutral, moving averages (MA) based on both timeframes rate the big tech company as “strong buy,” meaning that the cumulative score for Nvidia shares is a “buy.”
Despite the persistent strength, however, TA based on NVDA’s daily performance issues a slight warning as, while the overall score and moving averages remain unchanged, oscillators change their rating into a “sell.”
NVDA stock price chart
Whether Nvidia stock reaches the milestone or not, it remains without question that the company has been doing exceptionally well for several years.
In fact, even after the mid-2022 price slump, NVDA shares are up 1,936.32% in the last 5 years, and 244.94% in the last 52 weeks, leaving little room to wonder why Jim Cramer named his dog after the company.
Along with the 87.62% YTD rise, Nvidia has been doing well in essentially every frequently used mid and short-term timeframe. NVDA stock is up 33.94% in the last 30 days of trading, and 0.89% on the weekly chart.
Finally, the latest close saw Nvidia shares 1.09% in the green at $903.72 and Thursday’s premarket hints that NVDA is bound for another strong day as the stock is up 2%.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
