NVIDIA Nearing All-Time Highs: What Does It Signal for Upcoming Earnings?

$NVIDIA Corp(NVDA)$ is scheduled to release its earnings report on November 20, 2024, after the market closes. This report will cover the fiscal quarter ending in October 2024. Based on forecasts from 14 analysts compiled by Zacks Investment Research, the consensus estimate for earnings per share (EPS) this quarter is $0.70. For comparison, the EPS reported for the same quarter last year was $0.38.

In this article, I will be looking at semi-conductor ETF ( $iShares Semiconductor ETF(SOXX)$ ) on the general semiconductor stock movement.

SOXX is forming a head and shoulders pattern, with the right shoulder creating a lower high compared to the head, which is a higher high. This lower high indicates weaker bullish participation, suggesting that semiconductor stocks may be losing strength in their upward momentum during the September to November period.

SOXX Semiconductor ETF

Technicals of NVDA

The price is currently sitting above its all-time high, around the 135-140 range. In last night's trading session, a doji candle was formed—an indicator of market indecision. However, this also suggests that traders are closely watching the 135-140 level, which I generally view as a strong support zone.

Considering the current uptrend and the "path of least resistance" theory, I anticipate that NVDA might continue to climb on its upcoming earnings report.

That said, a critical level to monitor is the 130 support. If NVDA fails to hold above this level, it could signal market disappointment with its earnings results.

If the 130 support does not hold, the price may drop further, potentially testing predicted support levels at 119 and 100, which are relatively stronger.

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NVDA uptrend, near to all time high

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