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Technical Update - Nvidia set to open at a new all-time high, but can it keep climbing higher?

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • Nvidia set to open at all-time highs after earnings
  • If closing above 974 there is further upside potential both short-and medium-term


Nvidia is set to open approximately 6-7% higher, around USD 1,013, after earnings last night (dashed thick red line). If closing above USD 974, it has cancelled the top and reversal candles – bearish engulfings – created back in March, and Nvidia is then set for even higher levels.

Short- to medium-term, there could be potential to 1,048–1,098 levels, which are the 1.382 and 1.618 projection levels respectively.

Positive sentiment on the strength indicator RSI is supporting the bullish outlook both short- and medium-term, i.e. on both daily and weekly charts.

However, if Nvidia closes below 974, the top and reversal scenario is still in play, and Nvidia could slide lower towards support at around 888 and 830.

nvda d 2305
Source all charts and data: Saxo Group
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