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Although Nvidia (NASDAQ: NVDA) stock price is showing weakness along with the overall technology sector, a trading expert has pointed out that based on its technical setup, the stock shows promising growth potential.
As of the last day of October, Nvidia closed at $132.76, down almost 5% in one day. These losses came after NVDA recently hit an all-time high of around $145.
Notably, the chipmaker’s venture into artificial intelligence has helped NVDA achieve 175% growth by 2024.
The stock price strengthened before the market open on November 1, gaining 1.60% in pre-market trading.
NVDA stock price chart in one day. Source: Google Finance
NVDA’s price path to $240
As for the stock’s growth potential, stock trading expert Trade shot indicated that Nvidia had recovered from a strategic buy point identified in early August, in line with higher lows within a two-year ascending channel that began in October 2022, according to an analysis shared in Trading view message on October 31.
NVDA Stock Price Analysis Chart. Source: TradingView
The expert noted that Nvidia’s recent price action shows that significant bullish momentum remains intact as long as it holds support at the 200-day moving average. In this case, with Nvidia trading below the midpoint of the upward channel, the potential for further gains appears significant.
TradingShots The projections include a short-term target of $190, supported by Nvidia’s strength above the 1D MA200. Longer term, the analyst expects NVDA to reach the $240 level, which corresponds to the 3.0 Fibonacci expansion expected around early 2025.
Nvidia’s current rally, similar to the bullish trend since October 2022, further supports this prediction. Both trends show similar patterns in the one-day relative strength index (RSI), suggesting that Nvidia’s upward momentum could continue on this path.
Similarly, another trading expert, Peter DiCarlo, highlighted that Nvidia stock is currently in a compression phase and preparing for a breakout. In an X after on October 30, DiCarlo suggested that once the stock exits this phase, it could aim for a new all-time target of $150.
NVDA Stock Price Analysis Chart. Source: TradingView
Fundamentals of Nvidia stock prices
It’s worth noting that while long-term technical indicators suggest more upside potential, stocks are under pressure from the sell-off in the AI space and the broader tech sector.
Advanced Micro Devices (NASDAQ: AMD) caused some of this recent sell-off after the company’s focus on AI chips disappointed investors.
Despite this price movement, still a technical analysis reported van Finbold suggested that Nvidia’s stock price could be as high as $171 by Christmas Day. If this level is reached, the stock could target $200, which remains within sight with analyst support.
Bank of America (NYSE: BACSemiconductor analyst Vivek Arya described Nvidia as a “generational opportunity” and recently raised the stock’s price target from $165 to $190. Achieving these milestones will largely depend on Nvidia’s performance in its third-quarter earnings results, where expectations remain high.
The company’s guidance on the next generation of Blackwell chips, which has arrived big question will form a central part of the earnings report despite initial delays.
At the same time, most analysts have maintained a buy rating on the stock, noting that the chips have the potential to drive significant revenue growth for the semiconductor giant.
In summary, while Nvidia faces near-term challenges, the stock remains poised for further growth thanks to solid fundamentals, including demand for Blackwell chips. Likewise, the bullish consensus of analysts is a key factor to keep in mind.