Technical Analysis On Nvidia (NVDA) As Earnings Come Into Play

Shares of Nvidia (NVDA) have stayed strong as the stock market has cheered coming rate cuts. Nvidia is now up over 42% from its August 5th low. The big event this week is earnings, to be released after the close of trading on Wednesday, August 28th. Earnings per share are expected to come in at $0.71 per share (whisper number) on revenue of $28.24 billion

Based on the technical analysis, Nvidia is into major resistance based on a parallel seen in the chart above. This $130.00 level is a big test for the stock heading into and after earnings. Nvidia will likely have a big move on earnings, either ripping through this level to its all-time high of $141.00 or breaking sharply lower to technical support of $104.00.

Nvidia needs to come through with a monster beat on earnings and revenue, plus raise guidance to shoot higher. Any slippage in guidance would cause major issues for the stock market.