NVDA stock price rose by 19.23% in November, recovering the losses of the previous month. It took support near $400.00 and reversed upward with a spike in buying volume.
The stock price rose for ten consecutive sessions and displayed a bullish continuation pattern. Nvidia stock price regained the 50 day EMA, indicating that the trend is in the positive.
However, the prices displayed a steep rise over the last few sessions due to which it went far away from the 50 day EMA. So, minor retracement or short term consolidation is expected.
Nvidia Corporation scheduled the Q3 earnings for November 21, 2023. Equity analysts predicted an EPS of $3.347 and revenue of $16.107 Billion. Last few earnings reports suggest that earnings are on the rise.
Moreover, the company successfully beat the revenue estimates for the last three consecutive quarters.
Therefore, revenue growth will continue and Nvidia may beat the Q3 estimates. If that happens, then NVDA stock price may show a sharp rise and break the $500 mark.
NVDA Stock Price Near Supply Zone; What Next?
NVDA stock price is in a strong uptrend and any minor corrections are easily getting bought up. It shows the confidence of investors in the future outlook of the company. Furthermore, the growth of the Artificial Intelligence sector has boosted the momentum in Nvidia shares which is still intact. At present, the Nvidia share price is near the $490.00 which is a supply zone.
Previously, buyers tried multiple times to take control of the supply zone. But they failed and the price fell. This time the scenario looks favorable to the bulls.
Nvidia Stock Price Bullish on Multiple Time Frame Chart
Nvidia stock price is bullish on the daily, weekly and monthly time frames. It seems like investors are waiting for the dip to accumulate more. NVDA shares are up by 239% on a YTD basis which makes it one of the top performing stocks of 2023.
For the last few months, the stock price consolidated in a wide range and formed a strong base. Therefore, the downside risk remains low till it sustains above $400. The technical indicators like MACD, RSI, Supertrend are bullish so it’s better to play bullish bets and stay with the trend.
Conclusion
NVDA stock price showed a steep rise and up by 19.23% in November. The chart pattern of the stock is highly bullish and no signs of weakness are visible. Q3 earnings are scheduled for next week so volatility in the stock may rise. If the company reports better than expected earnings, then Nvidia stock price may hit fresh high.
Technical levels
- Resistance levels: $442.78 and $422.00
- Support levels: $7.00 and $6.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/14/nvda-stock-will-nvidia-stock-hit-fresh-high-after-q3-earnings/