NVIDIA Corporation (symbol ‘NVDA’) share price has made one of the most significant moves to the upside with more than 65% gains in the second quarter of the year. The company’s earnings report for the fiscal quarter ending July 2023 is set to be released on Wednesday 23rd of August, after market close. The consensus EPS is $1.68 compared to the same quarter of last year at $0.32.
‘ The tech giant is one of the companies that benefited the most in the A.I frenzy with its share price moving in a parabolic bullish momentum. As of the end of April the company’s current ratio was at a staggering 343% meaning that Nvidia is more than capable to repay its short term liabilities and survive any short term financial turbulence. ’ said Antreas Themistokleous, an analyst at Exness
On the technical side the price has moved aggressively to the upside in late May creating a price gap which has yet to be filled. After facing resistance on the upper band of the Bollinger bands in mid July a bearish correction took place while the 38.2% of the daily Fibonacci retracement has proven to be a strong support pushing the share price North. Currently the price is trading at a strong technical support area on the chart which consists of the 23.6% of the daily Fibonacci retracement level as well as the 50 day moving average.
The strong bullish momentum seems to be slowing down and the Stochastic oscillator is back at the neutral levels but any positive surprise on the earnings of the company would probably spark volatility for the company’s share making the scenario of a continuation to the upside a very probable one.
‘ The tech giant is one of the companies that benefited the most in the A.I frenzy with its share price moving in a parabolic bullish momentum. As of the end of April the company’s current ratio was at a staggering 343% meaning that Nvidia is more than capable to repay its short term liabilities and survive any short term financial turbulence. ’ said Antreas Themistokleous, an analyst at Exness
On the technical side the price has moved aggressively to the upside in late May creating a price gap which has yet to be filled. After facing resistance on the upper band of the Bollinger bands in mid July a bearish correction took place while the 38.2% of the daily Fibonacci retracement has proven to be a strong support pushing the share price North. Currently the price is trading at a strong technical support area on the chart which consists of the 23.6% of the daily Fibonacci retracement level as well as the 50 day moving average.
The strong bullish momentum seems to be slowing down and the Stochastic oscillator is back at the neutral levels but any positive surprise on the earnings of the company would probably spark volatility for the company’s share making the scenario of a continuation to the upside a very probable one.