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Technical Analysis – Nvidia eyes record high ahead of earnings
August 23, 2023 12:26 pmVideo
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Nvidia has been the best performing stock of the S&P 500 in 2023, gaining around 300% and marching to consecutive higher highs. Despite experiencing a pullback below its 50-day simple moving average (SMA) for the first time in eight months, the stock bounced back and is set to revisit its record high ahead of its earnings report later on Wednesday.
The momentum indicators are endorsing this latest advance. Specifically, the stochastic oscillator is ascending near the overbought zone, while the MACD is strengthening above zero and its red signal line.
Should the earnings surprise to the upside, there is no prominent resistance zone for the stock ahead of the recent record peak of 478.50. A violation of that level would send the price into uncharted waters, where the 500.00 psychological mark might prove to be a tough barricade for buyers to conquer.
Alternatively, if financials disappoint, the bears could sink the price towards the August support of 403.00. Diving lower, the stock could challenge 365.80, which is the upper end of the positive price gap registered on May 25. Sliding beneath that floor, sellers could attempt to fill that gap and push the price below 317.60.
In brief, Nvidia’s share price has erased the biggest part of its recent correction and is trading near its record peak ahead of its earnings call. Therefore, the outcome of the report is likely to determine whether the price will storm to fresh highs or begin another round of weakness.
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