Shares of Nvidia Corp., the American giant in the development of video graphics processors, are moving in a corrective trend at 180.00.
After the end of the publication of the annual report, leading analysts traditionally revise their long-term forecasts. So, yesterday, experts of the independent bank Cowen Inc. reassessed the high-tech market and concluded that in 2023, Nvidia Corp. could become the sector leader. The specialists highlight two key points that allow the issuer to show positive dynamics: the growing popularity of the new generation data center accelerator H100 and the acceptable share price after falling by more than 50.0% during the past year. Analysts increased the target price of securities to 220.0 dollars from 200.0 dollars earlier and placed the corporation on the "best idea for 2023" list.
The US Semiconductor Industry Association (SIA) also sees significant growth in the microchip market. While the agency's report pointed to a decline in US companies' share of global chip production to 46.0% in 2021 from 50.0% in 2015, there is still a positive moment: the administration of President Joe Biden recently passed a law on CHIPS and Science, which will provide 39.0B dollars in chip manufacturing grants through 2030.
On the daily chart of the asset, the trading instrument is growing, leaving a wide downward channel.
Technical indicators keep a stable buy signal: the range of fluctuations of the Alligator EMA is expanding upwards, and the AO oscillator histogram is forming rising bars in the buy zone.
Resistance levels: 188.00, 224.00. | Support levels: 172.00, 145.00.