Analyst explains how Nvidia’s decisive earnings will push NVDA to $150
The post Analyst explains how Nvidia’s decisive earnings will push NVDA to $150 appeared on BitcoinEthereumNews.com.
On the cusp of a potentially game-changing earnings report, Nvidia (NASDAQ: NVDA) is likely to witness a significant breakout in its stock, according to analysis. In particular, a trading analyst known by the pseudonym Market Maestro highlighted the stock’s technical and fundamental setup in an X post on August 24, which points to new highs after the earnings report. The expert pointed out that NVDA’s recent dip toward the Exponential Moving Average 12 (EMA) at $89 on the monthly chart was a rare buying opportunity reminiscent of the 2022 market bottom. He noted that this kind of correction has been infrequent, making it a pivotal moment for investors. According to the expert, Nvidia is nearing a crucial resistance level at $129, where the 2018 resistance line intersects with the 78.60% Fibonacci retracement of the June 2024 drop. NVDA price analysis chart. Source: TradingView Historically, NVDA has tended to pause at such critical levels, especially before earnings reports. Market Maestro believes that this time, with the suitable earnings catalyst, the stock is primed to break through this resistance and continue its upward trajectory. Nvidia stock fundamentals While Nvidia’s fundamentals are strong, the company faces logistical challenges that could impact short-term sentiment. The analyst pointed out that Nvidia has postponed the shipment of its Blackwell GPUs to Q1 2025, primarily due to complexities in Taiwan Semiconductor Manufacturing Company’s (NYSE: TSM) chip-on-wafer-on-substrate (CoWoS) packaging technology. Specifically, design issues with CoWoS-L technology have forced Nvidia to delay the production of some models. Despite this, the expert remained bullish, seeing this as a potential “excuse” for Wall Street pragmatists but not a fundamental issue derailing Nvidia’s long-term growth. Notably, on the weekly chart, Market Maestro identified a positive Relative Strength Index (RSI) divergence between the April 2024 and August 2024 lows, which adds to the…
Filed under: News - @ August 25, 2024 11:04 am