Chart of the day

Where do we stand fundamentally?

Nvidia (NVDA) continues to make headlines as one of the hottest stocks of 2024, with significant developments in both its business and market performance. Recently, Nvidia saw a surge in its stock price due to strong demand for its AI chips, which are driving its growth in the artificial intelligence sector. Analysts remain highly optimistic, with some setting price targets about 20% higher than current levels. This bullish sentiment is fueled by Nvidia's leadership in AI and GPUs, and a forecasted boom in the AI market, which could reach $990 billion by 2027.

NVDA is testing the 125 resistance. A breakout above this resistance will mark the bull flag breakout for an extension higher in the fifth wave. Invalidation of this immediate upside extension could come upon a break below 116.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 80. As said this extension higher could lead to a 160 target in the medium-term to long-term if the NVDA breaks and holds the gains above 125.

_{Try a long trade entry with a narrow stop loss below 110 to target 150 and higher.}