Last night, chipmaker Nvidia Corp.* (NVDA) beat the street on earnings and posted guidance well above market expectations, sparking an aftermarket rally that has led to premarket gains of over 20% today. Nvidia has held top spot in the SIA S&P 100 Index Report since February 3rd and was already up 59.1% since it returned to the Green Favored Zone in January.
Nvidia* (NVDA) shares started the year off by snapping out of a previous long-term downtrend, completing a bullish Head and Shoulders base and a bullish Golden Cross. The shares have not looked back since, remaining under accumulation and establishing a new uptrend of higher lows, steadily tracking higher above their 50-day moving average.
Premarket trading suggests that NVDA could potentially blast through its previous peak in the $345.00-$350.00 area to a new all-time high. If so, that zone could reverse polarity to become initial support. Next upside resistance may then appear near the $400.00 round number, then $420.00 and $480.00 based on measured moves.
*Shares of Nvidia are held in some portfolios managed by SIA Wealth Management.
Since bottoming out in October, Nvidia* (NVDA) shares have been under accumulation, consistently advancing through a series of bullish Double Top breakouts extending into bullish High Poles with only minor corrections in between leading to a series of Bullish Catapults.
So far this month, NVDA has completed another Bullish Catapult, retaken the $300.00 level and rallied to their highest point since January of 2022. Premarket trading suggests the shares could break through $333.65 resistance and their December 2021 peak to a new all-time today.
Next potential upside resistance appears near $354.10 and $383.30 on trend based on vertical and horizontal counts, then the $400.00 round number. Initial support appears near $290.50 based on a 3-box reversal.
With a perfect SMAX score of 10, NVDA is exhibiting strength across the asset classes.
*Shares of Nvidia are held in some portfolios managed by SIA Wealth Management.
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