NVIDIA Corp. Shares Have Further to Go, Supported by Growing Sales

NVIDIA Corp. (NVDA) stock has climbed 52% in 2023. The semiconductor firm could jump more due to heavy demand lifting the shares recently.

NVIDIA Attracts Big Money

So, what’s Big Money? Said simply, that’s when a stock goes up in price alongside chunky volumes. It’s indicative of institutions betting on the shares.

Smart money managers are always looking for the next hot stock. And NVIDIA has many fundamental qualities that are attractive.

This sets up well for the stock going forward. But how the shares have been trading points to more upside. As I’ll show you, the Big Money has been consistent in the shares.

Each green bar signals big trading volumes as the stock ramped in price:

Source: www.mapsignals.com

Source: www.mapsignals.com

Since late November, the shares attracted 12 unusual buy signals. Generally speaking, recent green bars could mean more upside is ahead.

Now, let’s check out the fundamental action grabbing my attention:

NVIDIA Fundamental Analysis

Next, it’s a good idea to check under the hood. Meaning, I want to make sure the fundamental story is strong too. As you can see, NVDA has been growing sales and EPS at a healthy clip. According to FactSet,

Marrying great fundamentals with technically superior stocks is a winning recipe over the long term.

NVDA has been a top-rated stock many times at my research firm, MAP signals. That means the stock has buy pressure, strong technical, and growing fundamentals. We have a ranking process that showcases stocks like this every week.

Let’s wrap up.

NVIDIA Price Prediction

The NVIDIA rally could have further to go. Big Money buying in the shares is signaling to take notice. Shares could be positioned for further upside.

Please note, shares could be extended at these levels given the large accumulation signals.

Disclosure: the author holds no positions in NVDA at the time of publication.

Learn more about the MAPsignals process here.

This article was originally posted on FX Empire


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