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Nvidia (NASDAQ: NVDA) has had a stellar run, recently hitting a record high of $144, and the stock’s technical setup signals further upside by Christmas 2024. This bullish outlook has emerged as Nvidia maintains its price above the $140 support level. The equity ended the Friday’s trading session at $141.54, up 0.80% for the day. Ahead of the Monday session, NVDA is up 1.24% in pre-market trading.  Notably, the chipmaker’s dominance in artificial intelligence (AI) has helped NVDA’s share price rally 193% year to date. NVDA one-week stock price chart. Source: Google Finance Now, at the current valuation, NVDA has approached a key technical level based on Fibonacci analysis that signals a push past $170 on December 23, just before Christmas day, according to TrendSpider’s analysis shared on October 28. Specifically, the stock is close to the 1.0 Fibonacci retracement level at $140.70, which has opened the door to claiming the “Golden Fibonacci Extension” at the 1.618 level, which sits at around $171.70.  NVDA stock price analysis chart. Source: TrendSpider Reaching this level could imply a bullish continuation, especially if Nvidia maintains its current momentum. Supporting this view, Nvidia’s daily P/E ratio indicator shows around 64.05, reflecting strong investor confidence in the stock.  Nvidia’s stock key fundamentals  As things stand, Nvidia’s fundamentals—especially the company’s role in AI—are key catalysts for growth. Reaching the $171 mark will largely depend on the upcoming Q3 earnings report, where analysts’ consensus earnings per share (EPS) forecast stands at 0.69. The earnings report will also be crucial as Nvidia provides guidance on its next-generation Blackwell chips, which are already experiencing strong demand, according to CEO Jensen Huang. Initially delayed, the Blackwell chips are expected to contribute to the company’s revenue starting in Q4. This robust demand is projected to extend into the next fiscal year,…

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Filed under: News - @ October 28, 2024 10:22 am