Stock of the day: Nvidia

In today’s stock of the day, let’s focus on NVIDIA, an asset that will be under the spotlight next week with its upcoming earnings release. Currently, NVIDIA’s price movement is showcasing a textbook uptrend. The stock has been respecting key horizontal support levels and a dynamic uptrend line, marked in blue, which adds to the technical strength of the chart.

At present, the stock is holding above the green horizontal support and the blue uptrend line, indicating that the sentiment remains bullish. If the price sustains these levels leading up to the earnings report, the probability of a breakout above the red resistance line becomes higher, signaling potential further gains for investors.

However, if the price breaks below the green support and the blue uptrend line, it would signal a shift in sentiment, providing a strong indicator for a bearish trend. This would be a potential signal to consider short positions as the momentum could turn downward. Traders should watch these key levels closely as earnings approach, as they could set the stage for NVIDIA’s next major move.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-nvidia-10