Nvidia Stock Hits New All-Time Highs: Market Expert Declares ‘Major Breakout Point’ – NVIDIA (NASDAQ:NVDA)
Nvidia Corp. (NASDAQ:NVDA) recently reached new all-time highs. A market expert believes more gains could be in store for the world’s most valuable company.
• NVIDIA stock shows positive momentum. What is the outlook for NVDA stock?
Jay Woods on NVDA Stock
Nvidia stock is hitting new highs, a move Freedom Capital Markets chief market strategist Jay Woods is taking note of.
“The only chart that makes me optimistic…Nvidia,” Woods said in a weekly newsletter.
After several periods of sideways action on the Nvidia stock chart, Woods is noticing positive trends for investors.
“Nvidia is on the cusp of a major breakthrough. Looking at the chart, it is on the cusp of another significant breakthrough and that should be enough for now to push this market even higher.”
Woods said the $240 level is the area to watch for Nvidia, which is only slightly higher than where shares are trading on Monday. A close above $240 could send Nvidia higher in the event of a “clean breakout.” Woods sets an upside target of $270 for Nvidia stock.
“We’ve seen this title lead in the past and it’s about to lead again.”
Third quarter results on deck
Nvidia is approaching its third quarter report, which will be a key moment for the entire stock market before the end of 2026.
The results date is currently estimated to be mid-November.
Analysts expect Nvidia to report third-quarter earnings per share of $2.38 and revenue of $104.19, up from $1.30 billion and $57.01 billion year-over-year, respectively.
Nvidia has beaten analyst estimates for earnings per share in 15 straight quarters and revenue estimates in 16 straight quarters.
Woods calls for a rise in the stock price ahead of earnings. Hitting new all-time highs before the earnings release could put more pressure on the company’s finances and guidance.
NVDA Price Action: Nvidia shares were up 1.07% at $236.46 as of Monday’s release. The new all-time high, reached earlier today, is $237.87.
Photo: Samuel Boivin / Shutterstock – ek
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