Nvidia Price Forecast – Nvidia Earnings Call After The Bell

NVIDIA Technical Analysis

Taking a look at Nvidia, it’s worth noting that there is an earnings call after the bell during the session. And that of course will have a major influence on what happens next. That being said, it faces a pretty tough bar to cross because quite frankly, the NVDA movement has been, shall we say, probably a little overdone. There is the possibility that perhaps, you know, traders are looking at this through the prism of, you know, this is a trend that will continue over the longer term, and they’ve been willing to chase this market.

But at this point, you can see I’ve drawn a Fibonacci retracement, and even with the 4.38% loss during the previous session, we’re nowhere near any type of significant pullback. And in fact, to get to the 38.2% Fibonacci retracement level, you’d be looking at something like $610. Now, you must keep in mind that NVIDIA is a darling of Wall Street, so more likely than not, unless they lose money and nobody thinks that’s going to happen, it’s very likely that this will end up being a buying opportunity. The catch of course is you have to sort out where that buying opportunity may be. And again, I would suggest that if you can get somewhere near around 610, that would be great. The problem of course is we’re nowhere near there. That would be an $84 drop.

So, there is the possibility that we have to look at about 660. There was a little bit of support there. And that would be another 4% leading to a total of 10% pullback. That might be doable, although I would suggest that you would have to be very cautious with your position sizing. That being said, it’s expected to grow at a rate of 49% to $2.7 billion in revenue, so keep an eye on that. The market right now is likely to continue to see a lot of hopium and a lot of traders coming in playing the options market as well.

Either way, I think it’s pretty obvious that we are overdone, and I would anticipate even the slightest hint of disappointment in the earnings call will probably have people running for the exits. You can see how many people got out ahead of the earnings call during the Tuesday session. Either way, it’s still very bullish, but just like anything else, you don’t want to pay extra for a market that is overdone.

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