Can NVDA hit 200 USD in Q1 2025?🔸Time to update the NVDA trade setup, previously was expecting
a correction in this market, based on fundamentals we are definitely
overextended, however NVDA so far is trading purely based on momentum
ignoring the fundumentals. It's the star stock of the 2024 stock market.
🔸Previous strong uptrend, we broke above key psychological S/R at 100 usd. Right now we got a compression setup, expecting limited upside / pullback heading into US elections, having said that probably any downside beyond 115/120 usd is very limited. current floor set at 100/110 USD.
🔸Compressing into wedge formation, most likely we will break out
to the upside following a shallow pullback in November 2024.
Also November/December is a very strong seasonal period for US stock
market, so it's really hard to recommend short selling NVDA.
🔸Recommended strategy bulls: expecting pullback near 114/118 USD
in November going into elections, limited downside beyond 110 USD.
BUY/HOLD near 114/118 TP bulls is 200 USD, which is almost 75% upside.
Most likely we will reach target somewhere in Q1 2025, probably January.
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