Nvidia Price Forecast – Nvidia Waits For Earnings

Christopher Lewis
Updated: May 22, 2024, 13:55 GMT+00:00

The NVDA chart is of course bullish, and at this point we are simply waiting to see what the earnings report could bring.

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NVIDIA Technical Analysis

You can see that the Nvidia market has been very bullish lately, and the $975 level above looms large as a potential barrier. With earnings coming out late on Wednesday, it does make a certain amount of sense that we might be cautious here.

But the last several days, you can see that we have really been knocking on the door of breaking out. And if we do get that breakout, it could be a very big deal. At that point, I would assume that we go to $1,000 rather quickly. Now, I do think the $1,000 level should be a significant resistance barrier based on psychology and probably the options market if nothing else. So don’t be surprised if there’s a little hiccup there. If we pull back at this point, the 20 day EMA is near the $900 level, that could be an entry point as well. And then we get the $850 area that it could offer support based on the 50 day EMA. Keep in mind that expectations for Nvidia are pretty high, but they’ve always beaten it seems.

And at this point in time, if we do get a sell off, there will be some narrative that will come along and traders will come in and buy it again. You absolutely have to pull the rip cord though, if this were to drop down to $775 because that would be a complete trend reversal, at least potentially entering the market. As things stand right now though, it looks like a buy on the dip market.

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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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