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Charu Chanana
Chief Investment Strategist
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Technical Update - NVidia jumping after earnings. But is it enough to extend uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: NVidia is jumping 8% to 224 After Market following Earnings release. Will it resume uptrend or is there a reversal looming? What about the medium-term Shoulder-Head-Shoulder reversal pattern?
Read Today's Market Quick Take from the Saxo Strategy Team with comments on NVidia earnings
Nvidia is indicated to open higher around 224 (indicated by the dashed line on the chart) this afternoon following earnings release last night.
Despite the expected higher open Nvidia looks short-term a bit toppish as indicated by RSI Divergence. And with the bearish move over the past couple of days there is indication of a looming reversal in Nvidia but it is not yet confirmed. A down trend will be confirmed if buyers cannot keep momentum and Nvidia closes below yesterdays low at 204.21.
But, if buyers can lift Nvidia above 230.50 uptrend will be extended and the Inverted Shoulder-Head-Shoulder pattern will keep unfolding as illustrated on the weekly chart (and described in previous Nvidia analysis
There is strong resistance at around 230.50 and if this week ends on a negative note i.e., drawing a bearish weekly candle there is a top and reversal pattern in place. If that picture is drawn Nvidia could drop back down to test the Neckline around 186.
The 230.50 level is key for medium-term up- or downtrend outlook. Close above there is no strong resistance until around 283. 267 is the potential target derived from the inverted Shoulder-Head-Shoulder pattern illustrated by the two vertical arrows.
Failing to close above the scenario of NVidia testing the Neckline is likely to play out
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