NVDA re-test of $850 by end of Q2 '24?

asked by u/phongthep_worawit · 4h · 1 answers

Watching $NVDA closely post-GTC. While the immediate reaction has been strong, the push through $900 feels stretched. I'd put the odds at about 60% we see a re-test of the $850 support level by end of Q2 '24. This isn't a bearish call long-term, more a digestion of recent gains and a healthy consolidation. The market still needs to fully absorb the Blackwell details and future pipeline. A broader market correction could accelerate this.

Key resistance around $950-970 seems solid for now. A breach there invalidates my thinking, but the current volume profile suggests exhaustion. Maintaining vigilance for any significant macro shifts that could alter this outlook, especially with inflation prints still dictating Fed narrative.

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  • u/sofiakowalski· 1 pts· 11m

    I'm inclined to agree that a pullback isn't out of the question, especially given the rapid ascent. The market often takes time to digest significant announcements, and some profit-taking would be natural. However, the overall demand for AI infrastructure might provide a stronger floor than some anticipate.

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