Home Market News The Rise of Nvidia at GTC 2024: Surfing the Semiconductor Stock Wave

The Rise of Nvidia at GTC 2024: Surfing the Semiconductor Stock Wave

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The Rise of Nvidia at GTC 2024: Surfing the Semiconductor Stock Wave

The waves of excitement are rolling in for Nvidia Corp as NVDA’s stock stands tall among the peaks and troughs on Monday, March 18. Investors are waxing optimistic about the eagerly anticipated GTC 2024 event.

Ahead of the grand event, all eyes are fixed on CEO Jensen Huang‘s keynote address, eager to catch a glimpse of the company’s upcoming artificial intelligence (AI) chip – the heir to its powerful H100 GPU.

Gossip has it that a collaboration with Alphabet, Inc. could be on the cards – weaving sentiments of optimism around the stock as potential synergies with GOOGL and GOOG, along with Apple, Inc. AAPL, loom on the horizon.

Also Read: Nvidia Supplier Taiwan Semi Rides AI Wave to Record Rally, Sidestepping Geopolitical Concerns

Before the curtain rises, let’s delve into the stock’s technical situation.

Navigating the Technical Waters

Setting the sail of Nvidia’s stock, the current trend takes on a moderately bullish stance, although tiny ripples of selling pressure are noticeable.

The 50-day simple moving average (SMA) for Nvidia stock at $709.00 (dissected by the yellow line in the chart above) and the 200-day SMA at $514.51 (painted by the blue line above) both beckon as potential buying opportunities.

On another tack, the exponential moving averages (EMA) reveal the 20-day EMA as a green light for buying. The 50-day EMA aligns harmoniously with the 50-day SMA, further fuelling the inclination to buy in, while the 200-day EMA Marches in lockstep to reinforce the buy signal.

Moreover, the Moving Average Convergence Divergence (MACD) indicator sings the positive notes that support a buy recommendation. Yet, the Relative Strength Index (RSI) flirting with the overbought level at 65.56 (in a prior chart) adds a sprinkle of spice to the mix.

Nevertheless, like signs in the sand, the Bollinger Bands suggest buying opportunities both in the short term (25-day) and long term (100-day).

In essence, despite the RSI hinting at overbought conditions, the technical compass whims a favorable outlook for Nvidia stock.

Furthermore, the consensus analyst rating for Nvidia stock holds steadfast at a Buy amidst the current tide.

NVDA Stock Price Action: Nvdia stock was caught in the current, trading at $903.65 at the time of publication.

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