Nvidia shares surge with strong quarterly results
Nvidia shares soared in premarket trading Thursday after the AI chipmaker reported quarterly results that exceeded analysts’ expectations. This surge comes on the heels of significant growth in the company’s data center revenue, driven by increased AI infrastructure spending from major tech companies.
Technical analysis points to key support levels and price targets
Nvidia shares recently broke out from a four-month ascending triangle chart pattern, with the stock price continuing its upward trajectory. Despite this breakout, trading volumes have remained light, indicating a cautious stance from larger market players ahead of the chipmaker’s earnings call.
Investors should keep an eye on key support levels, including $136, $115, and $97, as potential areas of interest if the stock faces selling pressure. Additionally, a measured move price target of $186 has been identified, representing a 27% increase from the current price.
It is important to note that the analysis provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with a financial advisor before making any investment decisions.
Source : www.investopedia.com