Analyst sets date when Nvidia stock will trade at $245

Nvidia (NVDA) stock is projected to extend its rally, with analysts anticipating a move past $200 by year-end and a medium-term target of $245 by early November. This bullish outlook, despite a recent dip below its 50-day moving average, is supported by technical indicators such as the 100-day moving average near $150 acting as critical support and the Relative Strength Index (RSI) hitting a historical buy signal. The company's continued leadership in the artificial intelligence sector and robust revenue growth, including a reported $46.7 billion in Q2, underpin this potential upward trajectory.

Analysis

Nvidia (NVDA) is presenting a bullish technical setup according to an analysis by TradingShot, despite a recent breach of its 50-day moving average (MA50) for the first time in four months. The stock's rebound to $169, a 1.7% increase, is supported by several key indicators. The next critical support is identified at the 100-day moving average (MA100) near $150, a level that previously catalyzed a significant rally between October 2023 and June 2024. Furthermore, the Relative Strength Index (RSI) has reached a two-year support zone, which is highlighted as a historically reliable buy signal. This technical strength is underpinned by robust company fundamentals, evidenced by a 56% year-over-year revenue increase to $46.7 billion in the second quarter, driven by sustained demand in the artificial intelligence sector. Should the MA100 support hold, the analyst projects a rally past $200 by year-end, with a potential medium-term target of $245 by early November.

Key Decisions for Investors

• Investors could consider the recent price weakness as a strategic entry or accumulation opportunity, given the confluence of a historically significant RSI buy signal and the approach to the critical 100-day moving average support near $150.
• It is crucial to monitor the $150 support level closely, as a sustained breach below the 100-day moving average would invalidate the current bullish technical thesis and could signal a deeper correction.
• For those with long positions, the analyst's medium-term price target of $245 serves as a key upside benchmark, contingent on the stock holding its technical support and the company maintaining its strong, AI-driven growth momentum.