Nvidia is on the move, as hoped.
In fact, as we noted on December 29, “After dropping from about $188 to $140.36, the stock has become brutally oversold. Even RSI, MACD, and Williams’ %R are all deep in oversold territory. The last time NVDA became this technically oversold, it would bounce from about $114 to about $188. With NVDA, it may make sense to buy the fear, as others run scared.”
Today, NVDA is up to $160 and could eventually test $190 again this year, we believe. Analysts over at Wells Fargo like the NVDA stock, too, calling it a top pick for 2023. And just weeks ago, analysts at Needham raised their price target on NVDA to $230 from $200, with a buy rating.