NVDA Earnings: Technical Chart Analysis Levels Revealed

Nvidia Corporation (NVDA) will report earnings on Wednesday May 22nd, 2024, after the stock market closes. Analysts are expecting earnings of $5.54/share (whisper number is $5.80/share) on revenue of $24.17 billion.

For Nvidia to go higher, it will have to beat the whisper number, revenue number and show that margins are still strong (above 70%).

Heading into earnings, the stock chart has moved higher. A month ago, Nvidia had fallen as low as $756. However, since then it has surged, recently topping out at $958. The $958 level was a confluence of two major trend lines (as seen in the chart). This is major resistance and just under the all-time high. Probabilities favor a move lower off this level, however, if Nvidia can blow all metrics away on their earnings, upside could be as high as $1,050.

Downside support would be $758 if earnings truly miss the mark.

The whole stock market will be on the edge of their seats for this report. It is arguably the most important earnings report of the season, even more than Apple and Microsoft. AI has helped the market make new all-time highs and increase optimism. This is the report of the quarter.