It’s been a great week for Nvidia. Stock has rallied an additional 11% this week after the 4% surge on Wednesday. The Thursday close is at $166.94, which represents a 0.83% increase on the day. See chart here.Matt Maley, a Managing Director at Miller Tabak said: “The thing is, when it stopped going down, it held right at its 200-week moving average, so that’s positive. Then it kind of traded sideways for a little while, through February, which formed a nice base for the stock. Now it’s starting to rally, and it’s breaking back above a key level — its neckline of an inverse head-and-shoulders pattern.” He also added that Nvidia’s stock is close to a critical point which could make or break its recent performance. Moreover, Stacey Gilbert from Susquehanna said that if investors keep investing in big cap technology stocks and if Nvidia acquires Mellanox chip designer, it could help the company reach that critical point.
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