NVIDIA Stock Retests June Highs as Traders Eye Breakout

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NVIDIA Stock Retests June Highs as Traders Eye Breakout
With the RSI trending near overbought levels, traders could see some further consolidation between the pivot point
and trendline resistance before a significant breakout from the ascending triangle pattern that has formed.
The relative strength index (RSI) appears lofty at 63.33,
but the moving average convergence divergence (MACD) could see a bullish crossover in the near term after a prolonged downtrend.
SunTrust Robinson Humphrey also upgraded the stock to a Buy from a Hold with a $177.00 price target,
citing expectations for company-wide revenue and earnings per share upside this year.
From a technical standpoint, the stock retested prior highs at around $165.00 after briefly falling near its 50-day moving average at $141.52.
Traders should maintain a bullish bias on the stock given its momentum, although it could see some consolidation.
NVIDIA Corporation (NVDA​) shares rose near prior highs on Thursday before ending the session on a moderately negative note.

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