NVIDIA Stock Price and Forecast: NVDA slides to year end
- NVDA stock continues to lose ground into the year-end.
- Proft taking likely as NVDA is a top performer for 2021.
- NVDA shares closed at $295.86 on Thursday, down 1.4%.
Nvidia (NVDA) stock continues to slide its way to the New Year as profit-taking hits the stock. Nothing too significant but given NVDA shares are up 126% for 2021 a bit of selling should come as no surprise. The stock has now lost nearly 10% over December.
Nvidia (NVDA) stock news
Potential positive news yesterday from Micron (MU) as it said China slowdowns and omicron restrictions could again hit memory chip supplies. Chip supplies have been one of the dominant themes for 2021 and a major reason for the stellar ascent of Nvidia. While chip issues are likely to resolve in 2022 this may now have to be pushed out to Q3 or Q4 given China will take a tough stance on covid rates ahead of its showcasing the Winter Olympics in February.
Nvidia (NVDA) stock forecast
We have identified the downtrend since early December and the corresponding RSI fall. The MACD is beginning to flatline so look for a crossover to change the current sentiment. However, do not rely on this alone. Look for price formation and some other technical indicators. One indicator alone, no matter what it is, is not a silver bullet. NVDA put in a higher high this week on Dec 28 versus last week so that may signal this short term trend is losing power. Closing above $313 would be bullish in our view but ahead of year-end nothing too dramatic is likely to happen.
Support at $267 and $230. Resistance at $313 and short-term pivot.
Nvidia (NVDA) chart, daily
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
