Nvidia <a target="_blank" href="https://www.nasdaq.com/market-activity/stocks/nvda”>stock has reached unprecedented levels and Melius Research suggests the momentum is not over. A recent note from Melius CEO Ben Reitzes raised Nvidia's price target to $185, suggesting a potential 26% upside from its current level. Reitzes compares Nvidia's trajectory to Apple's groundbreaking iPhone launch, suggesting that selling now could be a mistake, similar to exiting Apple shares after the iPhone's initial launch.
The 'iPhone moment' investors can't afford to miss
Reitzes believes Nvidia's next-generation Blackwell GPU will mark a transformational point for the company, akin to a “defining moment.” He notes that the excitement surrounding Nvidia's product cycles today mirrors the hype around Apple's iPhone launches more than a decade ago, only on a much larger scale. “Giving up on Nvidia now, after Hopper, would be like abandoning Apple with the iPhone 1 or 2,” Reitzes emphasized, referring to Nvidia's current-generation Hopper chip.
Nvidia's rise has been fueled by the explosion of artificial intelligence applications, fueled in particular by OpenAI's launch of ChatGPT in late 2022. Since then, Nvidia shares have soared nearly 800%, driving the company to a market capitalization of more than $3.5 trillion, making it the largest in the world. Investors may want to wait a little longer, as Nvidia's Blackwell chip could further elevate the company's already historic rise.
Nvidia Stock Chart Analysis
NVDA/USD 15-minute chart (Source: TradingView)
The 15-minute chart of Nvidia (NVDA) shows recent fluctuations, with the stock trading around $146.41, down 0.33% on the session. The chart reveals a significant price range between approximately $135 and $149 over the past few days, indicating volatility within this period. The stock reached a high near $149, but failed to hold that level, and prices are now consolidating in the $146 to $148 range.
If we look at the Relative Strength Index (RSI) at the bottom, we see it currently at 43.18, which suggests that the stock is neither overbought nor oversold at the moment. Overall, the RSI has remained below 50, suggesting weaker buying momentum in recent sessions, but has not fallen enough to indicate a strong oversold condition.
The stock's pullback from recent highs could attract traders looking for a lower entry point, especially if Nvidia price stabilizes near current support levels around $145. However, a break below $145 could signal further decline, possibly retesting support closer to $140. Alternatively, a move above $148 and the recent high near $149 could trigger renewed bullish interest.
Given Nvidia's recent rally and strong long-term outlook, short-term traders could watch these support and resistance levels closely, while long-term investors could view any dip as a buying opportunity.
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