NVIDIA Stock Could Break Above Resistance

By Stock MarketsFeb 17, 2022 05:26AM ET

www.investing.com/analysis/nvidia-stock-could-break-above-resistance-200618190

NVIDIA Stock Could Break Above Resistance

By | Feb 17, 2022 05:26AM ET

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When we look at the NVIDIA (NASDAQ:NVDA) weekly chart, we see its fall from the $265 range on Feb. 11 to the low of $230 on Feb. 15, where there was an immediate bounce back to the $245 intraday.

Since then, there was a steady, gradual climb and consolidation at the $260 range. NVIDIA Corp had scheduled a quarterly earnings announcement yesterday.

Earning expectations were surpassed, outperforming both EPS and Revenue projections, but there was no significant reaction from the market. It was last found trading at $264.91 with the closest longer-term overhead resistance of $267 and the closest support level at $255.

Today we can expect a move above the $267 resistance level, possibly well into the $275 range. If, however, it doesn’t manage to hold on to the current level, then a move below the $255 support can be expected.

NVIDIA stock price chart.

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Comments (1)

Shep De Feb 17, 2022 7:42AM ET

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Gross margins and crypto market paltry gains Q4 explain what you don't say above, plus, it's of course like AMD, Apple, Amazon, Microsoft, going to have good Q4 because locked up inside the majority of it, psychologically, via Delta and Omicron. Going forward, Q1 consumers overplayed tech & will turn to other interests as force-fed in lockdown + self-lockdowns variants changed their tech habits. Economic uncertainty will play havoc on data center too, not going to buy and budget DC in a highly inflationary, FED-fueled imminent unaccomodative monetary policy

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NVIDIA Stock Could Break Above Resistance

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