NVIDIA concludes another “very strong” quarter at a record high.

On Tuesday, NVIDIA’s (NASDAQ: NVDA) stock maintained its upward momentum for the tenth consecutive session, concluding at a historic high of $496.56, representing a 2.13% increase.

In addition to benefiting from today’s risk-on trade following the lower CPI report, the stock’s upward momentum is attributed to the release of NVIDIA’s latest AI system, the H200, and anticipation surrounding the company’s third-quarter earnings results scheduled for next week (Nov. 21, 2023).

Analysts express optimism ahead of the results, given the continued adoption of AI. Morgan Stanley analysts believe NVIDIA is poised for another “very strong” quarter, citing an unprecedented combination of supply chain ramp-up and tight availability. The firm raised its October quarter projections and currently stands $2 billion above the Street for the January quarter. With an Overweight rating, a $600 price target, and a Top Pick designation, the analysts expect the stock to trade positively into the upcoming results, driven by robust checks in both supply chain and demand/availability.

Deutsche Bank also holds a positive outlook, anticipating another ‘beat and raise’ quarter from NVIDIA.

NVIDIA TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Nvidia is currently trading within an up channel.

Nvidia is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.

Immediate Resistance level: 501.15

Immediate support level: 485.55

HOW TO TRADE NVIDIA

After a significant rise, NVIDIA stock experienced a decline, retracing to the 61.8% Fibonacci zone. From this point, the price reversed to the upside, displaying a sharp upward movement. The expectation is for NVIDIA to continue trading on the upside until any signs of a reversal emerge.

TRADE SUGGESTION- BUY LIMIT – 486.20, TAKE PROFIT AT- 511.44, SL AT- 470.10.