Nvidia shares (NVDA) closed at 115 on Tuesday with a more than 1% downturn. It surged from a low of 109 to 115 this week, delivering decent profits to investors. A leading stock analyst took to TradingView, predicting that NVDA could spike further and reach a new monthly high.
Also Read: Ethereum: WazirX Exchange Hacker Moves $11 Million of ETH
The pseudonymous analyst Impossible Bull shared a chart explaining that Nvidia shares form a “beautiful cup and handle” in the indices. He wrote that the stock could surge by another 13% this month and reach a high of $130.
Also Read: Sui Bullish Breakout: Is $1.50 the Next Target?
“Tracking this beautiful Cup & Handle on NVDA 1 hour. This comes just after the massive breakout of the Descending Broadening Wedge. If this Bull trend continues, our next stop is going to be $130. Stay tuned!” wrote the analyst. According to him, Nvidia shares could reach $130 next, delivering a profit of $15 per stock.
“NVDA is also forming an Inverse Head & Shoulders. Combined with the Cup & Handle, this breakout could be pretty substantial if it does decide to run. Almost finished completion of the right inverted shoulder,” he wrote on the prospect of Nvidia shares.
Also Read: Dogecoin Sister Token Rallies 17,348%: Can It Continue?
The Bullish Trend Continues For Nvidia Shares
The US stock markets have delivered multi-baggers this year, and Nvidia shares are one among them. The stock has risen nearly 140% year-to-date, delivering massive profits in just nine months. It outperformed leading tech giants like Apple, Microsoft, and Google’s parent company, Alphabet, by a large margin.
Also Read: Can ASEAN Countries Make The Chinese Yuan An International Currency?
The stock remains bullish even after doubling investors’ money and is in no mood to cool down. Both retail investors and institutional funds routinely take an entry position and book profits in Nvidia shares. The buying pressure is high as the majority of investors have taken an entry position for the long term.