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MENAFN- Daily Forex)
NVIDIA surges on renewed artificial intelligence optimism following major OpenAI investment news, reinforcing its role as a core AI play. Technical structure favors dip buying, with upside toward $200 and strong support below.
The Nvidia market has been very strong during Friday trading. And as I record this, we are positive 3.88%. This makes quite a bit of sense considering that overnight, it was announced that Dubai was throwing $100 billion at OpenAI, while not directly at Nvidia. This means more money for the artificial intelligence boom, and therefore, the bubble can reinflate.
NVIDIA is by far one of the best ways to play artificial intelligence because you don't have to pick the winning large language model. You are basically buying pickaxes that gold miners are using. It doesn't matter who wins. NVIDIA will profit from it.
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The market has bounced from the $170 level, which, of course, was on a small floor in the market. And if we can continue to go higher from here, I think we go looking to the $200 level. The $200 level is a large, round, psychologically significant figure, and I would anticipate a lot of noise there.
But at the end of the day, we broke above it previously. This is the end of the year, so volume could become a real problem, but it looks to me like we are trying to do everything we can to formulate some type of Santa Claus rally next week. That almost certainly will involve Nvidia.
Even if we were to crack the $170 level to the downside, there is the 200-day EMA, which is right around a significant amount of support near the $165 level. So I think there's a zone of support. I do believe this is a market that probably has a little bit of follow-through, and I like buying short-term dips.
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