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Technical Breakout Could Propel Prices Higher

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Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at

In the first week of 2024, U.S. stock market indices have pulled back, with investors taking some profits following a super charged rally in the last quarter of 2023. Awaiting signals from the Federal Reserve regarding potential start and amount of interest rate cuts in 2024, Wall Street took a breather ahead of the crucial CPI report which will be released on Thursday.

The tech-heavy Nasdaq-100 index has experienced a nearly 5% decline in 2024, impacting notable companies like NVIDIA, which had seen a remarkable threefold increase in its stock value in 2023 due to the success of its artificial intelligence (AI) chips.

At the 2024 Consumer Electronics Show (CES), NVIDIA unveiled a number of new graphic processing units (GPUs), AI software and tools aimed at both developers and users. This strategic move aligns with the company’s vision to become a leading hardware/software player in the AI space.

Shares of NVIDIA have been rising over the past four days with Mondays’ price action rallying more than 6% and clearing the resistance of the four-month trading range of $505.48. The breakout occurred amid retreat in treasury yields, news of more affordable AI chips for China, and the start of SEC.

A graph of stock market

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Source: TradingView

The stock’s impulsive breakout above key resistance is a bullish development and shows that momentum remains firm, and the price is likely to trade higher in the short to medium-term. The potential upside price target based on the breakout is in the range between $580 and $600.

With a market capitalization surpassing $1.33 trillion, Nvidia stands out as the largest semiconductor stock globally, drawing significant investor interest as it is perceived as one of the most promising growth opportunities in 2024. Macro tailwinds, including anticipated interest rate cuts and growth catalysts to focus on this year.

Growth investors remain attracted to NVIDIA stock considering how fast the market for AI GPUs is anticipated to grow in 2024 and beyond. With AI becoming increasingly popular across various applications, the demand for more powerful hardware to support these capabilities is growing.

As the demand for powerful hardware to support AI applications intensifies, Nvidia’s tailored chips position the company to tap into the growing market of generative AI apps on PCs. The industry’s increasing reliance on AI-centric computing aligns with Nvidia’s forward-thinking approach, establishing the company as a key player.

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

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Sandeep Rao

Research

Sandeep joined Leverage Shares in September 2020. He leads research on existing and new product lines, asset classes, and strategies, with special emphasis on analysis of recent events and developments.

Sandeep has longstanding experience with financial markets. Starting with a Chicago-based hedge fund as a financial engineer, his career has spanned a variety of domains and organizations over a course of 8 years – from Barclays Capital’s Prime Services Division to (most recently) Nasdaq’s Index Research Team.

Sandeep holds an M.S. in Finance as well as an MBA from Illinois Institute of Technology Chicago.

Violeta Todorova

Senior Research

Violeta joined Leverage Shares in September 2022. She is responsible for conducting technical analysis, macro and equity research, providing valuable insights to help shape investment strategies for clients.

Prior to joining LS, Violeta worked at several high-profile investment firms in Australia, such as Tollhurst and Morgans Financial where she spent the past 12 years of her career.

Violeta is a certified market technician from the Australian Technical Analysts Association and holds a Post Graduate Diploma of Applied Finance and Investment from Kaplan Professional (FINSIA), Australia, where she was a lecturer for a number of years.

Julian Manoilov

Marketing Lead

Julian joined Leverage Shares in 2018 as part of the company’s primary expansion in Eastern Europe. He is responsible for web content and raising brand awareness.

Julian has been academically involved with economics, psychology, sociology, European politics & linguistics. He has experience in business development and marketing through business ventures of his own.

For Julian, Leverage Shares is an innovator in the field of finance & fintech, and he always looks forward with excitement to share the next big news with investors in the UK & Europe.

Oktay Kavrak

Head of Communications and Strategy

Oktay joined Leverage Shares in late 2019. He is responsible for driving business growth by maintaining key relationships and developing sales activity across English-speaking markets.

He joined Leverage Shares from UniCredit, where he was a corporate relationship manager for multinationals. His previous experience is in corporate finance and fund administration at firms like IBM Bulgaria and DeGiro / FundShare.

Oktay holds a BA in Finance & Accounting and a post-graduate certificate in Entrepreneurship from Babson College. He is also a CFA charterholder.

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