NVDIA Targeting $520 on the short-term.

١٣ يوليو ٢٠٢٣

We haven't looked into NVDIA (NVDA) since May when we mentioned (see chart below) that it wasn't too late to jump onto the rally:

Today our focus is on the shorter-term 1D time-frame where the stock has been trading within a Channel Up since the start of the year. The 1D MA50 (blue trend-line) has been supporting since January 12. It would appears that the price is trading in waves. The current wave is modelled out of the previous and has started the 2nd upward leg.

Assuming the total rise will be around +42% again, we are putting a $520.00 price target on NVDIA in less than a month.

The cyclical phases are also evident on the 1D RSI, which as you see, after a Channel Down, breaks upwards aggressively.

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