Shares of NVIDIA Corporation look set to resume their uptrend. Here's why NVDA stock may be in for a rebound. 

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Shares of Santa Clara, California-based NVIDIA Corporation (Nasdaq:NVDA) may soon end their brief sojourn below $100 a share, heading higher in the near term. While rumors suggest that the leading GPU maker could be close to launching its much awaited GTX 1080 Ti graphics card, the stock also looks poised to rebound, based on a few popular technical indicators. NVDA stock is still down by more than 11% since announcing its stellar earnings numbers earlier this month. And buzz around an upcoming launch may be just the kind of trigger the stock needs to resume its march higher.

Will NVIDIA unveil its GTX 1080 Ti later this month?

Rumors suggest that NVIDIA could launch its much awaited GTX 1080 Ti as early as next month. Digital Trends, a popular tech focused website opines that NVIDIA is most likely to launch the GTX 1080 Ti at its GeForce GTX Gaming Celebration event during the Game Developers Conference (GDC), which is scheduled to take place at the end of this month. The GTX 1080 Ti is expected to sit between the GTX 1080 and Nvidia's top of the line Titan X, both in terms of performance and price. Quoting Kevin Parrish of Digital Trends:

"So far, the pricing of the GTX 1080 TI is unknown, but the base price will likely be around $900 given the GTX 1080 has a base price of $600 and the meatier Titan X runs at a hefty $1,200."

As for the specifications, do note that no specs have been explicitly confirmed by NVIDIA so far. However, speculation has it that:

"As the specs show, the GTX 1080 Ti will seemingly be a scaled down version of the Titan X, relying on the same graphics chip but with fewer cores. The GTX 1080 Ti will also have the Titan X’s memory bus, bandwidth, and maximum power draw. However, the on-board GDDR5X memory will max out at 10GB, sitting rather nicely between the GTX 1080’s 8GB and the Titan X’s 12GB."

NVIDIA's GTX 1080 Ti is expected to be announced at the GDC on the 28th of Feb. As you'd expect, Advanced Micro Devices Inc (Nasdaq:AMD) is also scheduled to conduct its own developer event at GDC. And it's not surprising that AMD has promised to unveil its own set of toys, which has led to speculation that it might finally unveil graphics cards based on its upcoming Vega architecture:

"On February 28, kick off your GDC with an exclusive glimpse into the Summer of Radeon and beyond! Our feature-packed show will be highlighted by the hottest new graphics and VR technologies propelling the game industry forward"

All in all, Feb end promises to be an exciting phase for investors of both companies.

Technical indicators are lining up nicely for NVDA stock.

NVDA stock has corrected by over 11% since the company announced its earnings earlier this month. And while the correction has been largely unjustified, now may be a good time to enter NVIDIA stock. Based on Bollinger Bands, which are popular technical indicators that are used by traders, NVIDIA looks set to bounce back, as it approaches oversold territory. With the recent correction, NVIDIA's stock price has started closing the gap with the lower band, which indicates an oversold position. And a further decline could act as a buy trigger.

If you observe the chart, NVIDIA shares have moved largely in line with what the bands theoretically suggest, rising after closing in on the lower band, and falling after breaching the upper. Prior to NVIDIA's earnings release, NVDA shares had breached the upper band, implying that a correction was on the cards. Now that the correction has taken place, the anticipation surrounding the rumored upcoming launch of the GTX 1080 Ti could be just the kind of positive momentum the stock needs, to resume its uptrend. For long term investors, NVIDIA looks like a good long term investment option and the recent correction could serve as a good opportunity to accumulate some shares of the company. As Louis Navellier puts it, in his article on InvestorPlace, for Nvidia, this may be the pause that refreshes.