NVIDIA Earnings and Technical Patterns: Can the AI Giant Continue Its Ascent?

Key updates on $NVIDIA Corp(NVDA)$ from the past two weeks:

• Q3 Earnings (Nov. 20): Revenue surged 82% YoY to $33.07 billion, driven by strong demand for AI chips​

  markets

• Dow Jones Addition: NVIDIA joined the Dow Jones Industrial Average, cementing its blue-chip status​

  Investopedia

• Product Update: Minor issues reported with next-gen Blackwell GPUs, but market impact is expected to be minimal​

NVIDIA experienced mixed developments recently. Initially, the stock reacted positively, trading above $140 (a new all-time high) after Q3 earnings. However, last night’s close fell below the low of the doji mentioned earlier, indicating weakening momentum at this point.

As highlighted in the previous analysis, the price must hold above $131 to avoid confirming the suspected double-top pattern.

NVDA chart

Briefly, chart analysis on NVDA (Summary):

1. Trend:

   The uptrend remains intact with higher highs and higher lows, reflecting overall bullish momentum.

2. Key Levels:

   Support: $131–$133 (previous resistance turned support). Resistance: $141–$142, forming a potential double top.

3. Chart Pattern:

   The double top suggests possible trend exhaustion, with $131 as a critical support to hold.

4. Outlook:

   Bullish: Holding $131 and breaking $142 can resume the uptrend. Bearish: A breakdown below $131 may lead to a deeper pullback, potentially toward $100.

Conclusion: While the trend is bullish, the double-top pattern signals caution as momentum weakens near resistance. Holding $131 is key for sustaining the uptrend.

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