Mark Newton, Fundstrat Global Advisors managing director and global head of technical strategy, joins Market Domination to discuss his outlook on Nvidia (NVDA).
“Nvidia has had a nice, sharp, near-term rebound as part of largely a choppy rangebound triangle pattern that’s been intact really since the summer — June, July,” he tells Yahoo Finance.
However, he believes the stock will likely stall out between $140 and $145. “I don’t see it going to 180 right away. I think there’s a great case to be made about why this company and the stock is phenomenal long-term. I just don’t see it,” he explains.
“I think, in general, it’s going to consolidate in November. That’s going to be your buying opportunity. Still great to buy and hold long term here,” he concludes.
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This post was written by Melanie Riehl
Let me ask you about some specific names too, Mark, you know, Julie and I were, we were chatting at the top of the rat NVIDIA.
It’s in the green today.
It’s up about 15% in just the past month.
I’m just interested what you see with NVIDIA.
Well, NVIDIA has had a, a nice sharp near term rebound as part of largely a choppy range bound triangle pattern that’s been intact really since really the summer, June, July, it peaked out very similar to Apple in that regard.
So I think a video likely stalls out right near 140.
I don’t, you know, potentially 145 I don’t see it going to 180 right away.
I think there’s a great case to be made about why this, this company and, and the stock is, is, you know, phenomenal long term.
I just don’t see it.
I, I think in general it’s gonna consolidate in November, that’s gonna be your buying opportunity.
Uh still great to, to buy and hold long term here.