What the Charts Say About Nvidia Before Earnings
Technical Analysis Highlights
Nvidia (NVDA) shares have been on a tear over the past year, rising more than 100%. However, the stock has pulled back in recent weeks as investors await the company's upcoming earnings report. The technical charts provide some insights into what to expect from NVDA in the near term.
The stock is currently trading below its 50-day moving average, which is a sign of weakness. Additionally, the relative strength index (RSI) is below 50, which indicates that the stock is oversold.
However, there are some bullish signs on the charts as well. The stock has formed a double bottom pattern, which is a bullish reversal pattern. Additionally, the moving average convergence divergence (MACD) indicator is starting to turn positive, which suggests that momentum is shifting in favor of the bulls.
Outlook
Overall, the technical charts provide a mixed picture for NVDA. The stock is currently overbought, but there are some bullish signs on the charts as well.
Investors should keep an eye on the stock's price action in the coming days. If NVDA can break above its 50-day moving average, it could be a sign that the stock is ready to continue its uptrend.
Earnings Preview
NVDA is scheduled to report its earnings on Wednesday, August 24. The company is expected to report earnings per share (EPS) of $0.94 on revenue of $7.12 billion.
Analysts will be closely watching NVDA's earnings report for any signs of weakness in the company's business. The company has been facing some challenges in recent months, including the ongoing global chip shortage. However, NVDA is still a leader in the semiconductor industry, and the company's long-term prospects remain bright.
Key Takeaways
- NVDA shares have been on a tear over the past year, rising more than 100%.
- The stock is currently trading below its 50-day moving average, which is a sign of weakness.
- The relative strength index (RSI) is below 50, which indicates that the stock is oversold.
- However, there are some bullish signs on the charts as well, including a double bottom pattern and a positive MACD indicator.
- Investors should keep an eye on the stock's price action in the coming days.
- NVDA is scheduled to report its earnings on Wednesday, August 24.
- Analysts will be closely watching NVDA's earnings report for any signs of weakness in the company's business.
