- Nvidia operates in positive territory, gaining 0.30% today.
- The leading semiconductor manufacturing company signs its third consecutive session on the rise.
Nvidia (NVDA) started the day with a bullish gap, reaching a September high of $127.66, where it found aggressive sellers that dragged the stock price to a daily low of $121.80. Currently, Nvidia is trading at $123.84, gaining 0.27%.
Nvidia benefits from investments in infrastructure aimed at developing artificial intelligence
The companies that make up the semiconductor sector have seen their share prices rise in recent days, benefiting from the 50 basis point cut by the Federal Reserve last week. However, Nvidia has been the company with the highest performance in 2024, with a 148% gain to date.
Based on consultancy Bain’s annual technology report, infrastructure investments focused on artificial intelligence will see significant growth over the next five years, moving from an investment range between $1 billion and $4 billion to a higher range between 10,000 million and 25,000 million dollars, mainly benefiting Nvidia due to its leadership position in the sector.
Technical levels to consider at Nvidia
NVDA stock reacted lower after reaching a new high for the month at $127.66, respecting a resistance that converges with the 78.6% Fibonacci retracement.
We observe the closest support at $113.24, given by the minimum of September 18. The next key support is at $100.95, the September 6 pivot point that converges with the 23.6% Fibonacci retracement.
Nvidia 3-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
