Stock of the day: Nvidia

By Tomasz Wisniewski|

Published: November 21 2023, 05:42 GMT+0

Stock of the day: Nvidia

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In today’s spotlight, we focus on NVIDIA, a standout in the stock market, especially as it gears up to release its highly anticipated earnings report post-market close. Analysts are setting their sights on an expected Earnings Per Share (EPS) of 3.36 and a revenue forecast of $16.18 billion. What makes NVIDIA particularly intriguing today is its performance trajectory, having reached long-term highs and demonstrating remarkable bullish momentum throughout November.

From a technical analysis perspective, NVIDIA’s chart showcases a head and shoulders pattern, highlighted in blue, with a critical neckline delineated in black. Interestingly, towards the end of October, NVIDIA flirted with a bearish breakout. This move, theoretically signaling a sell, turned out to be a false alarm, as evidenced by the yellow marking on the chart, and the stock quickly regained its position above the neckline. Such false breakouts often serve as powerful indicators for a trend reversal, and NVIDIA’s case was no exception. The stock rallied, ascending to new highs, effectively flipping the script to a robust buy signal.

This bullish trend is further reinforced by the stock’s performance today, as it achieves new long-term highs, painting a picture of robust investor confidence ahead of the earnings announcement. With such a positive backdrop, NVIDIA’s stock holds a promising outlook, making it a stock to watch closely in today’s trading session.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-nvidia-7

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