Nvidia’s AI Hysteria Continues

March 11th 2024 – The price of Nvidia Corp remains in a positive short-term trend reports Trend Intelligence, as price action settled on Friday 9th March at $875 – very close to its all time high set on the previous day.

Trend’s Analysis (click chart to expand): Trend’s M* Momentum Indicator creates a clear visual representation of price trends that are in play across asset classes and financial instruments. In Nvidia’s chart, Trend Intelligence reports its pair of M* and M* Signal lines exceeding (and diverting away from) the zero line. This is (and as historically shown to be) a positive trend signal. In addition to the use of the M* Momentum Indicator, price action currently remains above all 3 of Trend’s short, medium and long term moving averages and Trend’s pink shaded Japanese Cloud indicator. The combination of all stated indicators corroborate Trend’s positive short-term trend rating on the stock, looking positive for weeks and months ahead until the trend signals show sign of reversing.

Downside Sentiment: Today Reuters reported that Nvidia is being sued by authors over a copyright infringement of material Nvidia used to train its NeMo AI engine. This lawsuit is expected to be one of many.

Upside Sentiment: Some asset managers are expecting a near-future stock split which should make the stock even more accessible to retail investors, reports Bloomberg

Authored by: Trend Intelligence, London

 

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