Strong

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The bulls showed their dominance and continued to surge on the weekly time frame.</a> </li> 
 <li> <span>2</span> <a>Nvidia stock price has shown weakness in previous sessions, taking support on the 50 EMA.</a> </li> 
</ul> 
<p>Nvidia stock is facing resistance at the level of $501.94 and has taken support from the 50 EMA in the one-day time frame. This indicates some weakness in the short term. However, the stock is still bullish on the weekly time frame, as it has maintained above the key moving averages. The stock could have a strong rally if it breaks above the neckline at $501. This would confirm a bullish continuation pattern.</p> 
<p>Likewise, the stock retested the demand zone near $455, finding support multiple times, and rebounded. Buyers have to gain momentum to make the $500 mark in the following sessions.</p> 
<p>The chart structure showed a roller coaster move in the previous weeks and was rejected multiple times from the supply range of $500. Moreover, the lower levels near $450 acted as a support region, and the stock rebounded from there.</p> 
<p>Furthermore, the stock’s trajectory shows that beyond $500, the zone is bullish, and a rally could be seen. But, if further rejection occurs, the stock will continue to trade in the congestion zone. Similarly, below $450, the bearishness could be extended.</p> 
<p>At press time, NVDA stock price is trading at $455.72 with an intraday loss of 1.45%. The chart shows a rise in momentum. Moreover, the intraday trading volume is 47.39 Million. The market cap of NVDA stock is $1.267 Trillion.</p> 
<h2 class="wp-block-heading" id="strong-nvidia-stock-price-roadmap-for-upcoming-sessions-strong"><strong>NVIDIA Stock Price Roadmap For Upcoming Sessions</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/Rien-tk0RmL8yNUEzOY294HoVTv2eSXnjE4NDwpWTHL1vrjus2I36fhPHKFFYVRNRqAl2TkLIxMG2gc4iED_GLUiTAoTjjKkIr6LCk9DkYjJIx88wBGVLCR1hYLKzAAmUGLSAnyEvySrKP6-90ubDTA" alt="NVIDIA Stock: Correction In NVDA Stock; Is it Overbought?"> 
  <figcaption class="wp-element-caption">
    Source: NVIDIA.1D.NASDAQ by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>NVIDIA ( NASDAQ: NVDA) has steadily seen its stock price gain 16.74% in the last three months, and gaining 2.93% last month. Currently, NVDA stock is trading at $455.72 and has been trying to hold on to this level after an unexpected drop in price.</p> 
<p>Currently, NVIDIA stock (NASDAQ: NVDA) is trading above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum on both one-day and weekly time frames.&nbsp;</p> 
<p>However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the NVIDIA price is expected to move upward giving bullish views over the daily time frame chart.</p> 
<p>The MACD line at 7.93 and the signal line at 9.62 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the NVDA stock price. The current value of RSI is 58.62 points. The 14 SMA is below the median line at 58.62 points which indicates that the NVDA stock is showing weakness.</p> 
<h2 class="wp-block-heading" id="strong-analyst-take-on-nvidia-stock-strong"><strong>ANALYST TAKE On Nvidia Stock</strong></h2> 
<p>Out of 50 analysts who follow NVIDIA stock, almost 41 rate NVIDIA as a Strong Buy, while 6 give it a Buy rating. 3 of the analysts recommend holding the stock, and none of them advise selling it. The majority of the analysts have a Strong Buy rating for NVIDIA.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/Hc2N1H-aaZZRHRwFQuL3pLUBjzjp3sTUFGPVNDfX8IRa3ZEHwhmTIRm-qB6tN9-DlkdUNkVHjglquoTi_T_Mcq6SzH2hsv_cxcBkMjTvYUGKmKdZ6DpRQPU99xLID9bYbYmM2LYKMvE8t7-HzW9eD30" alt="NVIDIA Stock: Correction In NVDA Stock; Is it Overbought?"> 
  <figcaption class="wp-element-caption">
    Source: TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>NVIDIA stock has an average price target of $652.90, which implies a potential increase of 43.27% from its current price of $455.72. The price targets vary from a high of $1100 to a low of $392.35.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>NVIDIA stock is showing some weakness in the one-day time frame, but it is bullish on the weekly time frame. The RSI is in the neutral zone, the MACD has a bearish crossover, and the EMAs are supporting the price for now. The <a href="https://www.thecoinrepublic.com/2023/08/23/can-nvidia-nvda-stock-cross-500-after-august-23-earnings/" rel="noopener noreferrer nofollow">NVDA stock analysis</a> suggests that NVDA stock may face a short correction before continuing its bullish trend.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> The NVDA stock price may find support at $402.00 and $375.00, where it could bounce back or stabilize.</li> 
 <li><strong>Resistance Levels: </strong>The NVDA stock price may face resistance at $501.94 and $529.77., where it could reverse or consolidate.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading crypto or stock. Please do your own research before making any financial decisions.</p>

NVIDIA Stock: Correction In NVDA Stock; Is it Overbought?

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