By ForexTime
Given how the US chipmaking giant has been at the heart of the AI mania, the stakes are high with investors looking for extraordinary results that would justify the eye-popping stock gains.
Fun fact: Nvidia shares are up 40% year-to-date, adding to its 239% gain in 2023.
When will earnings be released:
What are markets expecting?
Why is Nvidia’s earnings so important?
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How will Nvidia react to earnings?
This is equivalent to the entire market cap of many large companies in the S&P 500, such as Intel Corp, Pfizer, and Nike. Essentially, extreme levels of volatility could be on the horizon.
Nvidia is in a weekly uptrend that started early November 2023 and has seen the stock price reach colossal heights.
It pushed through 3 weekly resistance levels that became support levels before stalling near a potential weekly resistance level at 752.04. The market structure clearly shows that a correction wave is currently in progress.
On the D1 chart, the W1 chart correction wave can be seen as a down trend. The price is approaching a weekly support level.
Although the D1 chart is in a confirmed down trend with a lower top and a lower bottom with the short cycle Stochastics Oscillator adding validation, both the 21 Simple Moving Average as well as the longer cycle Moving Average Convergence Divergence (MACD) Oscillator are still to the upside. This means caution should be exercised with tight risk management for any short opportunities at this time.
If the price, however, breaks through the weekly support level at 663.17, the downside might gather more momentum as buyers will tend to cover their positions, thus adding to the selling positions in the process.
If the weekly support level at 663.17 holds, the buyers might be encouraged to add to their longer-term positions and this might boost the potential upside momentum.
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