Nvidia Strong Buy Recommendation, The AI Pioneer Shows Promising Potential
28 Sep 2023
Strong Buy for the Godfather of AI.
- The stock of Nvidia Corporation has decreased by roughly 20% from its most recent high, creating a possible purchasing opportunity.
- With a commanding position in GPU technologies and the data center market, Nvidia continues to be the most profitable AI company internationally.
- Recent profits from Nvidia have been outstanding, exceeding expectations and demonstrating enormous growth potential.
- Future years should see a significant increase in the stock price of Nvidia as it continues to outperform consensus predictions.
As the stock market’s rolling slump wreaks havoc, Nvidia Corporation (NASDAQ: NVDA), the “godfather” of artificial intelligence (“AI”) companies, has fallen by approximately 20% from its most recent all-time high. However, as the selloff continues, we should see further temporary weakness in Nvidia, and there is a good chance that we will soon have a sizable buying opportunity.
The most profitable AI stock internationally is still Nvidia. Since Nvidia makes the most potent GPUs, it can perform a lot of the “heavy lifting” in the developing AI industry. Additionally, Nvidia’s data center division is still growing quickly, which should result in further market share gains and revenue growth.
Recent earnings reports from Nvidia were fantastic, and as time goes on, it should continue to be above analysts’ expectations. Furthermore, despite Nvidia’s significant rise since the bottom of the bear market, its forward P/E ratio (fiscal 2025) is only about 25, which is a low value. Additionally, when Nvidia’s stock price declines in the upcoming sessions, its value should get even cheaper. Additionally, revenue and EPS growth should continue to beat expectations, indicating that Nvidia’s stock is less expensive than it appears to be.
NVIDIA CORP TECHNICAL ANALYSIS DAILY CHART:
Nvidia is currently trading within a down channel.
Nvidia is positioned above 5&20 Moving Averages (SMA).
The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.
Immediate Resistance level: 428.41
Immediate support level: 409.53
HOW TO TRADE NVIDIA CORP
Nvidia Corp. saw a decline following price rises and began retracing. The price is currently holding at a support area and trying to move upward. It is currently heading towards resistance level, therefore if this area breaks upward, the price could rise.
TRADE SUGGESTION- Stop Buy – 437.12, TAKE PROFIT AT- 474,12, SL AT- 410.98.