Six Month Cycle Ending? Take the $250 Profits
As strong and loved as the Nvidia name is, it's been caught in a familiar range all year. While everyone wants to boost the price target around $280-300, it's barely been able to crack $250 even during positive sentiment and momentum. The advantages Nvidia has don't need repeating, nor do its merits and prospects. It's an expensive stock and has always traded high because of how "future proof" it's supposed to be.
With another earnings call coming, I don't doubt that it will get a large bump prior to, but it will have to give some incredible numbers yet AGAIN and give insane forward guidance in order to try climbing back up in its previously, unstoppable manner. The range its trapped in is similar to one seen before and trend lines indicate that it will probably stay there, even though it climbs up and down relatively quickly.
I wouldn't expect Nvidia to be a blowout name this year like it was last year, but it will be stable even with all the volatility seen this year. It will be good to trade on any overall market weakness and its new upper price should be noted a week or so after its next call. I give Nvidia a PT of $260 for the foreseeable future and I'd trade it with that ceiling in mind. Don't be greedy with it and take the gains that have been hit consistently at the $250 level. It will take a very, VERY positive and stable market and crazy numbers to really push Nvidia like it was last year. People are more aware now of what is and isn't realistic, especially with a downgraded crypto market, slow product updates and a volatile self-driving auto atmosphere.
With another earnings call coming, I don't doubt that it will get a large bump prior to, but it will have to give some incredible numbers yet AGAIN and give insane forward guidance in order to try climbing back up in its previously, unstoppable manner. The range its trapped in is similar to one seen before and trend lines indicate that it will probably stay there, even though it climbs up and down relatively quickly.
I wouldn't expect Nvidia to be a blowout name this year like it was last year, but it will be stable even with all the volatility seen this year. It will be good to trade on any overall market weakness and its new upper price should be noted a week or so after its next call. I give Nvidia a PT of $260 for the foreseeable future and I'd trade it with that ceiling in mind. Don't be greedy with it and take the gains that have been hit consistently at the $250 level. It will take a very, VERY positive and stable market and crazy numbers to really push Nvidia like it was last year. People are more aware now of what is and isn't realistic, especially with a downgraded crypto market, slow product updates and a volatile self-driving auto atmosphere.
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