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Nvidia Price Forecast – Nvidia Earnings Shatter Records

By:
Christopher Lewis
Updated: Feb 22, 2024, 14:06 UTC

Nvidia continues to rally rather significantly on Thursday at the open as we will be gapping higher after the very strong earnings call overnight.

In this article:

NVIDIA Technical Analysis

You can see that the end of the day here on Wednesday was somewhat supported after we had seen a pretty significant couple of days of selling which of course does make a certain amount of sense due to the fact that nothing can go straight up in the air forever despite the fact what people might tell you. So, with this, we take a look at 650, 660, somewhere in that area as support, and it is worth noting that this of course doesn’t reflect what’s going to happen after the earnings call, which was better than anticipated. The company announced a dividend of 4 cents per share, payable on March 27th.

The income for Q4 jumped to 12.3 billion, which is a 33% increase from Q3 and a 769% increase year over year. Its gross margin improved to 76% in Q4 from 74 in Q3, which is up significantly from the previous year at 63.3%. In other words, they can make their chips much more efficiently. The quarterly revenue was 21.1 billion, which was a 22% increase from Q3 and a 265% surge from the previous year. So now the question is what happens next? Well, there will be people out there chasing it, that I can pretty much guarantee, and I would anticipate that once we open, it’ll be a gap.

How far? It’s hard to tell, I don’t really know, but at this point in time, I do think that we’re going to revisit the highs. I certainly would not be short of this market. That would be tantamount to going out of your way to blow up your account. With that being the case, I think we’ve got the $750 level in our sites and so on. Now this is by all accounts a bubble. You know, there’s really no way around it other than that. I mean, this isn’t normal behavior. Now that’s not to say that it can’t go on.

Your job as a trader is to look at this and say, okay, when do I get out? So, you know, if you had bought near the bottom, you’d be up about 600%, which is great, but obviously most people watching this video are not going to be buy and hold investors. So take some time to pay attention to the 650 to 660 level as support. We’ll see if we break down through there, then right around the 50% Fibonacci retracement level or 600 I would expect to see support. But I don’t think we’re anywhere near even testing it. I do anticipate that they’re going to jump in with both feet in the market right away on Thursday at the open and I do expect a rather positive session.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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