Nvidia shares (NVDA) are the most sought-after asset in the US stock market, having surged 140% year-to-date. They more than doubled investors’ money in just nine months and are still attracting bullish sentiments in the charts.
The inflow of funds into the stock has barely dipped and traders are buying in on the dips cementing its downward resistance. This has made the stock bounce back stronger and hit new monthly highs.
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Also, the Nvidia shares underwent a split in June this year, making it more affordable for traders to invest. NVDA attracted more buying pressure, and its price is now hovering around the $116 mark on Monday. The stock reached a high of $135 in June 2024 and has been unable to breach the mark for three months.
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Here’s When Nvidia Shares Could Breach Its All-Time High: Analyst Explains
Pseudonymous stock market analyst CyclesFan took to X to predict when shares would breach their all-time high again. He shared NVDA’s chart, explaining that it is forming a double bottom formation; therefore, it hasn’t kicked-started its bullish run. However, it clarified that the stock has bottomed out from its August lows of $98 to $104.
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“Nvidia shares. The weekly True Strength Indicator has a double-bottom formation but hasn’t had a bullish crossover yet. A bullish crossover will confirm that it made an intermediate-term low in August (NVDA). A new all-time high will not happen before its next earnings in late November,” he wrote.
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In conclusion, the stock market expert predicts Nvidia shares will fail to hit a new all-time high before November 2024. He cited the next earnings call in late November as the deciding factor in the stock’s prospects in the indices. If the earnings are impressive, the stock could head north, and if the numbers fall short of expectations, it could turn red.