Investing Insights on Nvidia's Stock Price 'Worst-Case' Scenario Ahead of Earnings
Evaluating Nvidia's Stock Price Before Earnings
The stock price of Nvidia (NASDAQ: NVDA) has faced a minor pullback in the short term, unable to breach the $130 resistance level. Currently, the stock trades at $126, down over 2% before the upcoming earnings call on August 28.
Nvidia's Price Prediction
Market sentiment shows anticipation surrounding the earnings announcement. Trading expert Peter DiCarlo forecasts a potential further pullback, suggesting Nvidia might drop to $120. This prediction is underpinned by a technical squeeze pattern indicating potential price shifts.
Stock Performance Analysis
DiCarlo believes the weekly chart indicates massive bullish accumulation, foreshadowing a positive trend. The current market dynamics present a mix of buying pressure along with recent selling signs, indicating a tug-of-war between market forces.
Nvidia's Earnings Impact
As anticipation builds prior to earnings, analysts predict Nvidia could announce quarterly sales more than doubling to $28.7 billion. If expectations are met, the stock may reach a trading range of $150 to $160 post-report.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.