Will Nvidia’s Stock Soar? Uncover the Crucial Levels to Monitor Now!

Nvidia stands tall as one of the most influential players in the technology industry, especially in the realm of graphic processing units (GPUs). The company’s advancements have disrupted not just the gaming industry, but also the artificial intelligence (AI) sector, leading to a substantial resurgence in its stock value in the past. However, questions remain as to whether Nvidia’s stock can skyrocket again and if so, which key levels investors should keep an eye on. Body To begin with a brief background, Nvidia was originally a manufacturer of GPUs for gaming and professional markets, but its strategic foray into AI has largely increased its market value. The company’s stock saw a remarkable increase of approximately 122% in 2020, bolstered by the pandemic-induced surge in demand for gaming, data centers, and high-end notebook processors. However, the recent volatility in the tech stock market begs the query, can these stocks ascend again? On the bullish side, many believe that Nvidia has the potential to see significant gains in the future, particularly courtesy of its ventures in AI and data center businesses. AI is experiencing rapid growth with many industries starting to realize its potential. Nvidia, being an enabler of this technology, is projected to massively benefit from its popularity. Its data center business, which has seen tremendous growth due to increased digitization efforts during the pandemic, forms the other pillar of expectations for Nvidia’s future growth. However, it’s not just the AI and data center business that could propel Nvidia’s stocks. A possible factor could be a resolution to the global semiconductor shortage, which has been a dampener on Nvidia’s growth. Once this shortage is addressed, Nvidia could see a jump in production and sales that would positively impact its financials. Turning to key levels to watch for, as the old Wall Street adage goes, the trend is your friend. Therefore, investors should follow key technical signals to determine the trend’s direction. The first crucial level to note is the support level, defined as the price level where there’s a considerable amount of buying interest that would stop the stock from falling further. For Nvidia, that level is currently around $550. The next key level for Nvidia is the resistance level, where there’s a significant amount of selling interest that could stall the upward movement of its stock price. That level appears to be ~$650. These levels, however, might change according to Nvidia’s performance in the upcoming months. On the fundamental side, we should keep an eye on