Tech
NVIDIA And Advanced Micro Devices: Price Forecast And Technical Analysis
(CTN News) – Founded in 1982, AMD is one of the world’s leading semiconductor companies.
AMD (AMD) shares of NVIDIA rose $91.81 or 98.6% to $184.92 on Thursday. A 61-day advance was initiated from the swing low of $93.12 in late October.
Stock prices remain in a strong uptrend that has reached new heights, increasing the risk that it will run out of oxygen or money. It broke out above the previous record high of $164.46 from November 2021 on January 18.
From Fibonacci analysis, the next higher target zone is $192.66 to $194.35. This is about 4% higher than this week’s high of $184.92. There is certainly strong bullish momentum in AMD’s stock price. Despite the red candle that closed on Thursday, NVIDIA stock reflected weakness.
In such cases, the weakness could last for a short period of time or carry over into the future. Yesterday’s high was just $0.35 below today’s high, continuing the uptrend.
As a result of artificial intelligence (AI), AMD shares have outperformed NVIDIA recently on expectations of strong growth and economic opportunities. On Tuesday, January 30, the company is scheduled to report earnings.
The NVIDIA Corporation (NVDA)
New record highs were set by Nvidia on January 8. As a result of its strong performance since, it is a good example of a classic bullish breakout. From the swing low of $392.30 on October 31, the stock has gained $236.19 or 60.2% as of Wednesday’s trend high of $628.49. However, as the stock approaches its next higher target of $633.23 and $643.04, upward momentum may slow.
It is still possible that further weakness will follow. On Thursday, the stock closed weakly in the lower half of its range. This is after reaching a record high of $628.49. Thursday ended with a red candle on the inside.
The shares of Nvidia appear very extended compared to the rising 20-Day MA (purple). A retracement or consolidation could result. A drop below Thursday’s low of $608.50 may indicate further weakness. Next, we will see if the break follows through. The company reports earnings on Wednesday, February 21.
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