NVIDIA ( NVDA ) rose nearly 2% before the market opened on October 9, reaching $234.27, after having fallen for three consecutive trading days prior to that.
On October 6, the stock reached a record high of $243 during trading, but then fell by nearly 3% on Thursday as the broader market weakened, closing at $230.48.
Buying on dips, as TSMC announced record revenue, and Cantor Fitzgerald indicates that Micron's HBM supply and pricing prospects remain strong, which also drove up the prices of both Micron and SK Samsung Electronics.
NVIDIA's current forward price-earnings ratio is around 29 times. Traders are watching the resistance level of $240, and to confirm a new round of gains, the stock price needs to close above the historical record of $243.37 with increased trading volume.
The support level below is at $230, followed by the range of $220 to $221.39.
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