Bulls are jumping on the NVIDIA pullback.
Days after its 4:1 split, the stock caught strong double bottom support around $180, and could run back to $210, short-term. In addition, the last time NVDA became this oversold on Williams’ %R, the stock exploded from about $140 to about $210, as we noted on Wednesday.
Helping, Oppenheimer analyst Rick Schafer has a price target of $235 on the stock. “His long-term structural growth thesis remains intact as Nvidia remains the leader in high performance gaming and AI accelerators,” notes TheFly.com.
Today, Citigroup analyst Atif Malik raised his price target on NVDA to $223 from $180. “He views any crypto-driven gaming pullback in the second half of 2021 as a buying opportunity into 5nm Ampere Next product cycle in 2022 and Grace CPU in early 2023,” according to Benzinga.