Aayush Jindal
Key Highlights
- NVIDIA’s stock price started a fresh decline from the $132 resistance.
- A major contracting triangle is forming with support at $100 on the daily chart.
- Nvidia's second-quarter revenue was $30.0 billion, up 15% from Q1 and up 122% from a year ago.
- The price declined over 10% after earnings and now approaches the $100 mark.
Nvidia Stock Price Analysis
In the past few days, NVIDIA stock price (NASDAQ: NVDA) saw a steady decline. It traded below many key levels such as $115 and $112 to enter a short-term bearish zone.
Recently, the company announced its second-quarter earnings. It posted revenue of $30.0 billion, up 15% from Q1 and up 122% YoY. Besides, the Data Center revenue of $26.3 billion, up 16% from Q1 and up 154% YoY.
Looking at the daily chart, the price trimmed most gains and traded below the $112 support. It even traded close to the key support at $100. A low was formed at $100.91 on TitanFX and the price is now attempting to recover.
There was a move above the $105 level and the 23.6% Fib retracement level of the downward move from the $131.22 swing high to the $100.91 low.
On the upside, NVIDIA’s stock price might face resistance near the $115 and $116 levels. It is close to the 50% Fib retracement level of the downward move from the $131.22 swing high to the $100.91 low. The main hurdle now sits at $125.
A clear move above the $125 zone could start a strong bullish wave. In the stated case, the price could surpass $130 and test the $140 level in the coming days.
If not, it might dive again. The first major support sits near the $100 level. There is also a major contracting triangle forming with support at $100 on the same chart. The next key support is at $96.50, below which there could be a steady decline toward the $90 level.
Upcoming Key Economic Releases
- US Initial Jobless Claims - Forecast 2303K, versus 227K previous.
