Connect with us

Hi, what are you looking for?


Nvidia stock price forecast ahead of Q2 earnings.

Nvidia (LON: NVDA) stock price will be in the spotlight this week as the company prepares for its second-quarter earnings scheduled for Wednesday. The stock dropped to $178, which was slightly below this month’s high of $192. The price is about 26% above the lowest level this year.

Nvidia earnings preview

Nvidia is a leading semiconductor company valued at over $446 billion. The company designs some of the best graphic processing units (GPUs) that are widely used to handle the most challenging tasks in computing. 

Nvidia has become a top player in technology industries like gaming, artificial intelligence, cryptocurrency mining, and autonomous driving.

Like AMD, Nvidia business boomed during the pandemic as demand for gaming jumped. In the same period, cryptocurrency prices soared, leading to more demand for high-powered mining equipment. The supply shortages helped boost the company’s prices.

The Nvidia stock price lost its momentum this year as the situation reversed. Cryptocurrency prices slipped, leading to weak demand for mining equipment. People returned to the offices, lowering the demand for computers and gaming.

The next key catalyst for the NVDA stock price will be its earnings which are scheduled for Wednesday. Analysts have relatively modest expectations. They expect that the firm’s revenue dipped from $8.29 billion in Q1 to $6.70 billion in Q2. This revenue will be slightly above the $6.5 billion it made in the same quarter in 2021. Still, Nvidia has a good track record of beating analysts’ estimates.

Nvidia share price will react to the performance of its key sub-divisions like data centers and gaming. Expectations are that its crypto mining division continued struggling as the prices of most coins dropped. The stock will also react to the company’s margins.

Nvidia stock price forecast

The four-hour chart shows that the Nvidia share price has been crawling back in the past few days. This performance faded this month as it formed a small double-top pattern at $192. In price action analysis, this pattern is usually a bearish sign.

The stock moved slightly below the 23.6% Fibonacci Retracement level while the Relative Strength Index (RSI) moved below the neutral level of 50. 

Therefore, because of the double-top pattern, there is a likelihood that the stock will drop after earnings. If this happens, the next key support to watch will be at $155. This is an important level since it is the right shoulder of the inverted head and shoulders pattern.

The post Nvidia stock price forecast ahead of Q2 earnings. appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...


    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023