NVIDIA shares gain for a third session in a row on Tuesday, company reveals new self-driving taxi hardware

October 11, 2017 7:42 am

A license-plate-sized hardware was reportedly revealed by NVIDIA Corporation (NVDA), which according to the company, is capable of matching 100 servers in a data center. The hardware is to be used for the enhancement of autonomous taxis.

NVIDIA shares closed higher for a third consecutive trading session on Tuesday. The stock went up 1.91% ($3.54) to $188.93, after touching an intraday high at $192.79 and also a fresh all-time high.

In the week ended on October 8th the shares of the PC tech company added 1.42% to their market value compared to a week ago, which marked the first gain out of three weeks.

The stock has extended its advance to 5.68% so far during the current month, following a 5.51% surge in September. The latter has been a fifth consecutive month of gains.

For the entire past year, the shares of NVIDIA Corp soared 223.85%. The stock has advanced another 77.00% so far in 2017.

The Drive PX Pegasus hardware is ten times more powerful compared to the prior version, NVIDIA said. It is expected to be used with the so called “level five vehicles”, or those that are completely autonomous and lack steering wheels, pedals and mirrors. The hardware will ensure greater range and drive time for the self-driving vehicles.

“Driverless cars will enable new ride- and car-sharing services”, NVIDIA representative said during the GTC Europe tech conference in Munich, cited by Seeking Alpha. “New types of cars will be invented, resembling offices, living rooms or hotel rooms on wheels… The future of society will be reshaped.”

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding NVIDIA Corporation’s stock price, have a median target of $180.00, with a high estimate of $250.00 and a low estimate of $75.00. The median estimate is a 4.73% decrease compared to the closing price of $188.93 on October 10th.

The same media also reported that 17 out of 37 surveyed investment analysts had rated NVIDIA Corporation’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 4 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the NVIDIA stock are presented as follows:

R1 – $189.44
R2 – $189.94
R3 (Range Resistance – Sell) – $190.45
R4 (Long Breakout) – $191.96
R5 (Breakout Target 1) – $193.73
R6 (Breakout Target 2) – $194.49

S1 – $188.42
S2 – $187.92
S3 (Range Support – Buy) – $187.41
S4 (Short Breakout) – $185.90
S5 (Breakout Target 1) – $184.13
S6 (Breakout Target 2) – $183.37

By using the traditional method of calculation, the weekly levels of importance for NVIDIA Corporation (NVDA) are presented as follows:

Central Pivot Point – $180.10
R1 – $183.20
R2 – $185.10
R3 – $188.20
R4 – $191.30

S1 – $178.20
S2 – $175.10
S3 – $173.20
S4 – $171.30

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