NVIDIA shares gain for a fourth session in a row on Wednesday, Barclays revises up its price target for the stock

Barclays was reported to have revised up its price target for NVIDIA Corporation (NVDA) to $200 from $140 previously due to the early 2018 launch of Volta-based client GPUs. The financial services holding company also kept its “Equal Weight” rating for the stock.

NVIDIA shares closed higher for a fourth consecutive trading session on Wednesday. The stock went up 0.84% ($1.50) to $180.87, after touching an intraday high at $181.77, or a price level not seen since October 2nd ($181.98).

In the week ended on October 1st the shares of the PC tech company lost 0.13% of their market value compared to a week ago, which marked a second consecutive period of decline.

The stock has extended its advance to 1.17% so far during the current month, following a 5.51% surge in September. The latter has been a fifth consecutive month of gains.

For the entire past year, the shares of NVIDIA Corp soared 223.85%. The stock has advanced another 69.45% so far in 2017.

According to Blayne Curtis, Barclays analyst, despite weaker performance in NVIDIAs gaming units, Volta-based GPUs could facilitate better average selling prices, as demand for cryptocurrency mining equipment remains strong.

In addition, the Barclays analyst underscored that even older Pascal models “offer competitive performance with the newest AMD Vega GPUs”.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding NVIDIA Corporation’s stock price, have a median target of $180.00, with a high estimate of $250.00 and a low estimate of $75.00. The median estimate is a 0.48% decrease compared to the closing price of $180.87 on October 4th.

The same media also reported that 17 out of 37 surveyed investment analysts had rated NVIDIA Corporation’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 4 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the NVIDIA stock are presented as follows:

R1 – $181.20
R2 – $181.54
R3 (Range Resistance – Sell) – $181.87
R4 (Long Breakout) – $182.87
R5 (Breakout Target 1) – $184.03
R6 (Breakout Target 2) – $184.56

S1 – $180.54
S2 – $180.20
S3 (Range Support – Buy) – $179.87
S4 (Short Breakout) – $178.87
S5 (Breakout Target 1) – $177.71
S6 (Breakout Target 2) – $177.18

By using the traditional method of calculation, the weekly levels of importance for NVIDIA Corporation (NVDA) are presented as follows:

Central Pivot Point – $176.23
R1 – $182.27
R2 – $185.76
R3 – $191.80
R4 – $197.83

S1 – $172.74
S2 – $166.70
S3 – $163.21
S4 – $159.71