Nvidia’s Stock Price Forecast Amid Antitrust Charges

Following reports that Nvidia (NASDAQ: NVDA) has been indicted by the French antitrust authority for alleged anti-competitive practices, and as investors have fled the chip giant, the company’s stock price has begun to feel the effects.

As it turns out, sources with direct knowledge of the matter have said that Nvidia was one of the targets of French authorities’ raids on the graphics card sector in September 2023, and recently investors have begun to pull back from this year’s hottest trend: artificial intelligence (AI).

Nvidia Stock Price Analysis

Against this backdrop, NVDA’s share price began to consolidate, falling 1.42% before the open and at the time of going to press stood at $123.12, which also means a 2.45% increase for the day, a 1.93% decrease for the week and a cumulative increase of 7.06% on the monthly chart.

Indeed, after temporarily dethroning Microsoft (NASDAQ: MSFT) as the most valuable company, shares of the tech giant have fallen from last month’s high of $135.58 to today’s $124.30 as the stock market begins to calm down and the AI ​​fad fades.

Technical indicators for NVDA stock remain strong

Despite this, NVDA stock’s technical indicators remain strong and consistently positive over the short, medium and long term, with the company outperforming 98% of its peers on the stock market year-to-date and 99% of its peers in the semiconductor sector.

Additionally, they are displaying bullish hammer candlestick formations on the daily and weekly charts, as well as a weekly inside bar pattern, with the Relative Strength Index (RSI) 14 currently sitting around 75 and above the 5, 20, 50, and 200 moving averages (SMA).

Is the fate of NVDA stock changing?

However, there are some signs that suggest caution, such as significantly higher trading volume in recent days and the fact that NVDA stock has been trading in the mid-point of the prior month’s range, between $112 and $140.76, which is quite wide and below its 10 SMA.

At the same time, financial experts providing their Nvidia stock price forecasts over the past three months are confident about NVDA stock’s performance over the next 12 months, expecting an average forecast price of $135.81 and maintaining an overwhelming “Strong Buy” rating on the stock.

All things considered, Nvidia stock is still in good shape, and Wall Street analysts remain bullish on its price despite the temporary dip. However, stock market trends can often change unexpectedly, so doing your own research and considering all the risks is key when investing.

Buy Stocks Now with eToro – a Trusted and Advanced Trading Platform

---

Reservation: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.