NVIDIA - A big tech leading indicator

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NVIDIA (NVDA)

- EARNINGS are reported TODAY after market close
- Expected Earnings 0.924 EPS (prior 0.88)
- Expected Revenue $6.532 bln (prior $6.051 bln)
- We are oversold on the weekly but could hit the
Cup & Handle ceiling before turning over.
- P/E ratio up from 57 in Oct 2022 to 175 in
May 2023...
- Price is 182% up from the Sept 2022 lows
- Pre Market is down @ $303 from $306.88

Being the tech sector sentiment leader, If earnings are lower than expected today it could catalyze the next swing lower in tech. If positive we could revisit ATH but I would expect a rejection from this level. Based on all of the above a correction in price is the most probable outcome, this could start today or after revisiting $335 briefly.

Potential bullish long term view which includes a sharp rip downward at some stage followed by a repeat Fractal and cup and handle to drive shorts and longs insane, all whilst staying in the long term comfort channel. All of which can happen with todays earning being the cup and handle inflection point (A drive up to $335 and rejection followed by significant decline or we turn over here now).

ノート

Pre Market up 29.7% on better than expected earnings released at market close yesterday. It would not surprise me to see profit taking here and a wick down to the resistance line by COB next Friday. Or sooner. I would be taking some profits from this move today. As noted above we are in risky oversold territory, its best to bank SOME of your position.