NVIDIA Stock Price and Forecast: NVDA targetting return to $267 support

Nvidia (NVDA) stock loses more ground on Wednesday, closing down over 1%.
Nvidia (NVDA) shares have seen declining volume and profit-taking this week.
Nvidia (NVDA) is one of the top performing stocks of 2021.

Ivan Brian FXStreet

Nvidia shares lost some more ground on Wednesday, adding to losses for this month. NVDA stock is down over 10% this month but that comes as little surprise in the final month of the year. Proft taking usually hits yearly winners and with gains of 129% for 2021, we can forgive some small position squaring.

Nvidia (NVDA) stock news

Nvidia is to present at the Needham Virtual Growth Conference on January 10 so look for any commentary re supply chains or chip issues that have been a highlight for 2021. Nvidia has naturally benefitted from the semiconductor demand surge. Proshares also announces it is to launch a metaverse themed exchange-traded fund (ETF) and Nvidia (NVDA), Apple (AAPL) and Meta (FB) will be the largest holdings.

Nvidia (NVDA) stock forecast

We tracked and called out the perfect bearish divergence from the RSI in early December and this led NVDA shares to retrace most of the gains from November. Key support remains at $267. Breaking that and a move to $230 is likely. Long term we have a powerful bullish trend but short term we have put in a series of lower highs and lower lows. Breaking $267 will set another lower low and continue the trend. Breaking resistance at $313 will end this short-term bearish trend in our view. We still have a declining RSI and MACD so look for any change here to flag the trend change.

Support at $267 and $230. Resistance at $313 and short-term pivot.

Nvidia (NVDA) chart, daily

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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