The pullback in Nvidia (NVDA) appears overdone.
After testing a high of $140, Nvidia (NVDA) dropped to about $112.34, where it’s now wildly oversold at its 100-day moving average. It’s also over-extended on RSI, MACD and Williams’ %R.
From its last traded price of $112.34, I’d like to see it initially retest $140.
Helping, analysts at Citi just reiterated its buy rating on the stock, with a $150 price target. All after Nvidia announced a new service that will boost generative AI for enterprises. Piper Sandler raised its price target to $140, believing the company could beat revenue by $2 billion this quarter. Loop Capital also raised its price target to $175 with a buy rating.