Nvidia (NASDAQ: NVDA) has emerged as a formidable force in the 2023 stock market, capitalizing on its pivotal role in the tech revolution steered by artificial intelligence (AI).
The chipmaker’s stock skyrocketed to an unprecedented high of over $505 last month, reflecting investors’ unwavering confidence in its prowess. As the best-performing S&P 500 stock, NVDA, alongside other tech giants, propelled the market index to new multi-month highs.
Despite a slight pullback from its peak valuation, speculation abounds on whether Nvidia can sustain its momentum. Finbold delves into this inquiry using quantitative analysis and the predictive power of AI algorithms on the CoinCodex platform.
Based on the algorithm’s projections, NVDA is estimated to trade at $414.74 per share on January 1, 2024, signaling a possible downside of more than 11% from its current levels.
Within a month, that decline is projected to extend down to $404.79, while the platform’s 1-year forecast indicates an even more bearish outlook, forecasting a 17% nosedive to $388.66.
NVDA technical analysis
Following the market opening on December 6, Nvidia’s stock was sitting at $466.67, up around 0.3% at the time of writing.
At the current price level, NVDA is located slightly above the 100-day moving average (MA), which acts as the stock’s support. Declining below this threshold could send the stock toward the next major support lines at $416 and $399.
On the upside, the AI chipmaker’s shares face barriers at $477. Clearing that hurdle would allow the stock to potentially retest its all-time high of $505.48 it touched on November 20.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/ai-predicts-nvidia-stock-price-for-january-1-2024/