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Nvidia Close To Another All Time High in 2024 – Potential Technical Targets

Hello Traders,

In this article we are going to look at Nvidia, and it’s recent cycle from 05.08.2024 as well after the dip we have seen across the market during July – August 2024. NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications.

The Compute & Networking segment consists of Data Center accelerated computing platforms and end-to-end networking platforms including Quantum for InfiniBand and Spectrum for Ethernet, NVIDIA DRIVE automated-driving platform and automotive development agreements, Jetson robotics and other embedded platforms, NVIDIA AI Enterprise and other software, and DGX Cloud software and services. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, CA.

As we will see from the technical chart for Nvidia in the Daily Timeframe, the market found support both on 19.04.2024 & 05.08.2024 as investors appear to remain long looking for further upside. First potential targets if the shares manage to break above 20.06.2024 peak at the $140.88 area, the market should aim for the inverse Fibonacci retracement area of 1.236 – 1.618 whereby the $152 – $172 area can be seen.

*You can trade NVDA shares through our MT5 platform 

 

NVDA Daily Time Frame – Breakout In Process – Buyers Aiming For The $152 – $172 Area

nvda 14.10.2024

 

On the fundamental aspect, investors remain optimistic for further rate cuts by the US’s Federal Reserve as the US jobs market still remains uncertain and inflation is cooling down. Recent news source from Reuters, suggests that the shares of memory chip maker Western Digital, rise 1.5% to $65.88 in premarket trading while its enterprise SSD (Solid State Drive), a memory storage device, has been certified to support Nvidia’s AI server system. With co’s DC SN861 E.1S enterprise SSD certified to support NVIDIA GB200 NVL72, customers can take the guesswork out of the design process and achieve faster time to market for a wide range of accelerated computing applications,” said Rob Soderbery, executive vice president and general manager of Flash Business at WDC.

*You can trade NVDA shares through our MT5 platform

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