FXOpen
Today, after the main trading session ends, Nvidia (NVDA) – the second-largest company by market capitalisation and the leader of 2024 amid the AI boom – will release its second-quarter earnings report.
It’s reasonable to assume that market participants are anticipating this event, which will likely trigger a surge in market volatility:
→ Nvidia shares (NVDA) have been fluctuating within the $123.50 – $131.00 range since 19 August;
→ Signs of anticipation are also evident on the technology index chart.
A technical analysis of the Nasdaq 100 chart (US Tech 100 mini on FXOpen) shows that:
→ Starting from the 3-month low formed on 5 August, the recovery has created an ascending channel (shown in blue) – with the price in the upper half of the channel, indicating steady demand.
→ However, as the NVDA earnings report approaches, the price has retreated from the upper boundary and dropped towards the median (as indicated by the red lines). This could suggest a Bullish Flag pattern (a pattern of intermediate correction within an uptrend).
→ A concerning factor is that the growth rate slowed after the price surpassed the 1 August high. The psychological level of 20,000 points could also be acting as a barrier to further growth within the blue channel.
In the event of a strong Nvidia (NVDA) report, the Nasdaq 100 index price (US Tech 100 mini on FXOpen) could break out of the Bullish Flag and continue its upward movement within the ascending channel. However, if the company disappoints, the price could drop to the lower boundary of the channel or even attempt a bearish breakout.
Trade global index CFDs with zero commission and tight spreads. Open your FXOpen account now or learn more about trading index CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
NZD/USD Stabilises Ahead of the Holidays
Forex trading is slowing down as the holidays approach, offering a pause after significant movements driven by various news events, including central bank decisions.
Notably, NZD/USD reached its lowest level since October 2022 at the end of last week.
AMD Stock Price Rebounds from Yearly Low. 2025 Forecast
As the chart indicates, Advanced Micro Devices (AMD) reached its yearly low on 20th December, dropping below $120.
However, on Monday, AMD emerged as one of the top-performing stocks in the market. The trading session opened with a bullish gap,
European Currencies Correct in Anticipation of a Pre-Holiday Rally
Despite the Federal Reserve's hawkish stance and the upcoming inauguration of Donald Trump, who has frequently discussed the possibility of new trade tariffs, EUR/USD and GBP/USD managed to find medium-term support last week. Both pairs are now attempting