NVIDIA Corporation (NVDA) short term outlook is bullish
NVDA is currently consolidating within a bullish flag pattern, as indicated on the chart. A breakout above the current consolidation zone is likely before the price can move towards the $127 resistance level. If the stock breaks out of the flag with strong volume, it would confirm a continuation of the recent bullish trend. Once the breakout occurs, the next target would be $127, where the descending triangle's resistance comes into play. However, a failure to break out of the flag pattern could lead to a pullback towards $105 support. The stock's proximity to its 50-day moving average adds significance to this area. Monitoring the breakout from the flag pattern is key for confirming the next upward move.
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