As Nvidia Corp. (NASDAQ: NVDA) stock rose nearly 6% over the past 30 days, driven by solid demand in the Artificial Intelligence (AI) space, Aksel Kibar, a popular chartist and a former fund manager, expects a rally towards its former all-time high (ATH).
Kibar has set a price target for Nvidia stock at $235, according to an X post on September 3. With NVDA stock having closed Wednesday trading at $224.41, this analyst suggests a potential 4.72% upside.
Kibar argued that NVDA’s daily chart could be forming an inverse head-and-shoulders (H&S), with a neckline around $235. As such, he highlighted that Nvidia stock may rally to a new ATH after it breaks out of its resistance level at $235.
“After meeting its H&S top failure price target, it possibly formed a fresh H&S continuation. It can resume higher with a breakout above 235 levels,” Kibar noted.
This trading expert also based his bullish thesis for Nvidia stock on the fact that its 200-day Moving Average (MA) has acted as strong support.
Is Nvidia a good stock to buy?
Nvidia stock has received an average ‘Strong Buy’ from 30 Wall Street analysts surveyed by TipRanks over the past three months. As of press time, these surveyed analysts had set an average 12-month price target of $329.32, thus signaling a possible 46.76% uptrend.
On September 2, Vivek Arya, an analyst at Bank of America Corp. (NYSE: BAC), reiterated a ‘Buy’ rating for NVDA. Arya maintained the bank’s 12-month price target of $350, representing a 55.96% upside.
On the same day, Harlan Sur, an expert at JPMorgan Chase & Co. (NYSE: JPM), reaffirmed a ‘Buy’ rating, with a 12-month price target of $320.
With Nvidia expected to benefit from the solid demand for its chips by enterprises seeking to capitalize on AI technology, these analysts’ targets could be achieved.
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