Beyond The Numbers - Nvidia's Powerhouse Performance In The Stock Market, On The Verge Of Reaching The $500 Barrier

• Nvidia's shares reached a record high of $480.88, marking a staggering year-to-date increase of over 200%.
• As a leading player in AI chip development, 10,000 powerful Nvidia Graphics Processing Units (GPUs) have been used in training OpenAI's ChatGPT.

NVIDIA Corp NVDA stock skyrockets, reaching a new peak of $480.88 on Friday. The only thing standing between this remarkable ascent and a psychological milestone of $500 is a mere $20.

Their shares have experienced significant growth this year, surpassing 200% year-to-date. The most notable surge occurred in May, with the stock price skyrocketing by 36% in just one month. This significant jump solidifies Nvidia's strong position in the marketplace.

The stock may experience a slight setback before reaching the $500 milestone again, as indicated by Friday's closing candle.

However, it's important to note that this does not signify weakness for the chipmaker. Rather, it is a strategic pause to build momentum for future growth.

Nvidia stands as a dominant force in AI chip development, setting the standard with its powerful offerings.

Their Graphics Processing Units (GPUs) have become essential in the technology world. A remarkable example of their capabilities is OpenAI's ChatGPT, which was trained using an impressive 10,000 of Nvidia's GPUs.

This highlights the effectiveness of Nvidia's GPUs in the realm of AI.

Analyzing the current movement of Nvidia's stock reveals a fascinating trend.

After reaching a new high, the stock underwent a correction that brought it near the $400 level. Interestingly, this level proved to be a significant support zone, preventing further declines.

Additionally, the daily 20 simple moving average consistently played a role in supporting the stock price, ultimately contributing to its record-breaking highs.

There is a clear and consistent pattern of higher highs and higher lows. This is a strong indication of an upward trend.

With Friday's candle closing on a bearish note, there is anticipation for a potential decline towards the 20 simple moving average.

However, rather than being a setback, this could actually ignite a powerful recovery, potentially pushing price higher and surpassing the highly anticipated $500 psychological resistance.

This would be a significant achievement for Nvidia's stock, giving buyers further momentum to drive the price up.

After the closing bell on Friday, July 14, the stock closed at $454.69, trading down by 1.07%.