Nvidia Corp (NASDAQ: NVDA) is experiencing an uptick in trading on Monday, March 18, as investors eagerly anticipate the company's upcoming GTC 2024 event.
This event has generated optimism, with investors eagerly awaiting CEO Jensen Huang's keynote and news about Nvidia's next artificial intelligence (AI) chip, rumored to be the successor to its H100 GPU.
The possibility of partnerships with Alphabet, Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) and Apple, Inc. (NASDAQ: AAPL) is also boosting sentiment toward the stock.
Technically, Nvidia's stock trend appears moderately bullish, despite some slight selling pressure.
The 50-day simple moving average (SMA) at $709.00 (yellow line in the chart) and the 200-day SMA at $514.51 (blue line in the chart) both suggest buying opportunities.
The exponential moving averages (EMA) also signal a buy, with the 20-day EMA, 50-day EMA, and 200-day EMA all indicating positive trends.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is positive, supporting a buy recommendation.
However, the Relative Strength Index (RSI) at 65.56 (in an earlier chart) indicates that the stock is flirting with the overbought level.
Despite this, the Bollinger Bands suggest buying opportunities in both the short term (25-day) and long term (100-day).
In conclusion, despite the RSI indicating overbought conditions, the technical indicators overall suggest a favorable outlook for Nvidia's stock.