Yesterday, shares in Nvidia surged higher to break to a new record high price level – one month before its latest quarterly earnings update. The company’s share price has spent much of the past six months in a trading range between ~$588.00 and ~$470.00.
However, the price has now finally broken through to the upside. An attempt to break to new record highs above this range was made earlier in the year but failed. Price subsequently retreated and went on to trade at the lower support line of the sideways range.
Source: Admirals MetaTrader 5, #NVDA, Weekly – Data range: from Mar 9, 2014, to Apr 13, 2021, performed on Apr 13, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
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The move higher has been triggered by more than a dozen analysts increasing their price target for the stock due to the launch of a new chip based on Arm technology. It’s also risen due to a more bullish backdrop in the technology sector which has struggled in recent months.
The price on the weekly chart has also most recently rejected the weekly 50-period exponential moving average shown by the red line in the chart above. Historically, the price has overextended away from this moving average, suggesting there could be more further upside yet to go.
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