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Nvidia Corp.’s stock is currently trading at 317.31-higher by 1.67% as compared to the previous closing price.
Investment firm Wedbush raised its price target on the company’s stocks to $340 per share from $311 a share. The investment firm, however, reiterated an Outperform rating on stocks of the chipmaker. Wedbush price target represents an upside of about 9% from the stock’s previous closing price. This comes ahead of the CEO’s keynote at the chipmaker’s GTC conference on Thursday.
The investment firm said that it expects that the chipmaker will introduce their new Ampere architecture on Thursday during the CEO’s keynote. Nvidia is scheduled to report its quarterly earnings after the market closes on 21st May. Wedbush also said that better numbers in datacenter growth should be seen as a victory for the chipmaker. Stocks of Nvidia have rallied around 36% so far in 2020.
On the technical front, the RSI is currently at 62.78% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 317.00 TAKE PROFIT AT 323.00 STOP LOSS AT 314.00