Nvidia (NASDAQ: NVDA), the semiconductor powerhouse, has been making waves in the stock market, despite a recent dip.
The stock closed at $140.52 on Monday, down -1.02 (0.72%) for the day and showing a slight decline over the past five days at -1.60%. However, Nvidia shares remain up a healthy +15.71% over the last month, reflecting a continued bullish trend that has captured investors’ attention.
Currently, Nvidia’s price chart is forming a classic “bull flag” pattern—an indicator suggesting potential upside. This pattern typically signals that prices may rise further after a brief pullback following a strong upward move, with recent consolidation and reduced volatility providing potential entry points for investors looking for opportunities in this high-growth stock.
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NVDA stock support and resistance levels
At present, Nvidia has minimal resistance above the current price, suggesting that upward movement could face limited barriers.
Meanwhile, a solid support zone exists below the current price at $133.81, with an extended support range from $131.59 to $133.81.
For cautious investors, setting a Stop Loss order below this support zone could offer some protection against potential downside risk, while still allowing room to capitalize on a bullish rebound.
Wall Street’s take on Nvidia stock
According to data from TipRanks, Wall Street analysts maintain a bullish outlook on Nvidia. The stock currently holds a ‘Strong Buy’ consensus, with 42 analysts offering price targets over the past three months: 39 recommend a ‘Buy,’ while three suggest ‘Hold.’
Notably, no analysts have given a Sell rating, underscoring the market’s confidence in Nvidia’s future.
The average 12-month price target is $153.86, indicating a 9.49% upside from Nvidia’s latest price of $140.52. Within this range, projections vary, with the highest forecast at $200.00 and the lowest at $90.00.
The most recent forecast comes from Bank of America Securities which reaffirmed its bullish outlook, increasing its price target for Nvidia from $165 to $190 while maintaining a ‘Buy’ rating. BofA’s updated target suggests an ambitious 35.96% upside from current levels.
While Nvidia’s recent consolidation may have some investors pausing, the technical indicators and Wall Street’s bullish sentiment paint a promising picture for the stock.
