FXOpen
On 13 November, we analysed Nvidia’s (NVDA) price chart and noted:
→ The continuation of a long-term upward channel (highlighted in blue).
→ A consolidation below the psychological $150 level, forming a narrowing triangle along the Quater Line, which divides the lower half of the channel.
On 20 November, Nvidia released its Q3 earnings report, which exceeded analysts’ expectations:
→ Earnings per share (EPS): $0.81 (expected: $0.74).
→ Revenue: $35.08 billion (expected: $33.17 billion).
→ Revenue growth: +94% year-on-year, +17% quarter-on-quarter.
Key Insights (via Reuters):
→ Optimism centres on Nvidia’s new Blackwell processors.
→ Concerns arise over a reduced revenue forecast due to supply chain constraints in chip production.
Despite strong results, Nvidia’s stock price dipped slightly following the report. Pre-market data suggests today’s trading could start around $142.50.
What’s Next?
Technical analysis of Nvidia’s chart indicates potential for further downside movement, with resistance levels formed by:
→ The psychological $150 mark.
→ A Resistance line running parallel above the correction channel (July–October) at a height equal to its range.
If bearish sentiment gains momentum in today’s main session, it could:
→ Confirm a bearish breakout from the consolidation triangle.
→ Threaten a breach of the lower boundary of the long-term growth channel.
In a worst-case scenario, NVDA could shift into a bearish trend within a descending channel (marked in red).
Analyst Outlook:
According to TipRanks:
→ 39 of 42 analysts recommend buying NVDA stock.
→ The average 12-month price target is $165.
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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.
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