#FibonacciFridays: Nvidia Has 75% Upside

In this week's edition of #FibonacciFridays, we take a look at Nvidia (NVDA). The stock suffered a more than 50% decline in Q4 of 2018, but has since recovered a solid chunk of that loss. The stock put in a double bottom at what happened to be the 423.6% fibonacci extension of Nvidia's 2007 high and 2008 low. Applying fibonacci extensions to the highs and lows of the Q4 2018 sell off net us a first price objective of $370, which is the 161.8% fib extension. This represents 75% upside from current levels. Nvidia has a number of secular tailwinds that could be the catalyst needed to move shares.


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