Today NVIDIA announces earnings, missed. The price plunged a bit after hours but not as bad imo.
I see a solid accumulation/support near the $157-$161 level.
NVDA previously broke out of a falling wedge on July 15th, however, it didn't back test the break-out zone afterwards, holding the support level this week would set up a textbook INVERSE Head & Shoulder pattern with a first target/resistance near the $190 level. Closing above the $190 neckline would open the door to more possibilities such as filling the gaps above (marked in red) created in APRIL 2022.
Losing the $157 level would break it down to the low $140's setting up a possible double bottom pattern as a best case scenario. Gaming is a billion dollar industry and most of the crypto decline shock is priced in. NVIDIA is poised for continued upside in the coming years as we slowly enter the metaverse.
Agree. It did have a big move today, definitely not going to chase it lol
a914freak
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Well after todays BULL FLAG, the next stop is the 190's. Now remember as was said in yesterdays earnings call. It's not all about the gaming anymore. Once their data center mining levels out it will be so much better.