NVDA Stock Price Prediction: Nvidia is Q1 S&P 500 Top Performer

Nvidia is among the top performers for S&P 500, first quarter.
NVDA stock price gained 19.77% in the past month.
The Semiconductor industry continues to provide excellent opportunities.

Nvidia (NVDA) is listed among the top performers of S&P 500 for the first quarter, as per the rankings released March end. The chip maker continues to excel and provide profits to its investors. NVDA stock price action is strong. The chip manufacturing company recently revealed various developments in its Omniverse and digital twins.

According to Nvidia, ‘Nvidia Omniverse is a computing platform that enables individuals and teams to develop Universal Scene Description-based 3D workflows and applications.’ The platform saw a collaboration with the German automaker BMW, and also unveiled the third generation of its OVX computing system. The latest version of Nvidia OVX when allied with Omniverse, can develop physically accurate, AI-enabled digital twins. It also provides developers with the ability to design, stimulate, and optimize products and processes in real-time. These developments in the Nvidia Enterprise, may have given NVDA stock price a reason to fly.

NVDA Stock Price Action

NVDA stock price forms a rising channel, taking the new developments in leverage. The volume suggests buyer-inclination in the market as they show faith in the company’s vision. The current price action occurred above the EMA ribbon, giving out bullish signals. The smaller EMA rises, indicating a positive outlook for NVDA stock price. The rising channel currently faces buyer dominance in the market.

NVDA stock price witnessed an uptrend from the beginning of 2023. The prolonged rally made RSI reach the overbought zone, indicating a temporary price reversal. The predicted correction in price can fall to $230.15, and then continue with the bullish momentum. The MACD formed a positive crossover and recorded buyer bars.

What Investing in Nvidia could give?

The present projection set targets of price levels beyond $334.50. If the anticipated uptrend is established, the stock could value at the target price. If an investor buys 5 shares of NVDA, at the trading price of $277.77, the investment may value around $1388.85. And after NVDA stock price reaches $334.50, the investment may value $1672.5. The return on investment received on those 5 shares will be more than 20% in a year’s time.

Conclusion

Nvidia announced several developments in its Omniverse and OVS system. Leveraging these advancements, NVDA stock price established a robust rally from the beginning of 2023. The stock could test the price level near $230.15 as its support after a price reversal, but after that, could continue to rise. The uptrend in NVDA stock price can reach beyond $334.50, giving a return on investment of 20% in over a year. The holder can rely on the support near $180.55.

Technical levels

Support levels: $180.55 and $140.05

Resistance levels: $300.05 and $334.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing