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Ichimoku Watch: Nvidia Preparing to Charge Higher Ahead of Earnings

Ichimoku Watch: Nvidia Preparing to Charge Higher Ahead of Earnings, FP Markets

Upcoming Earnings Release:

NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88.

Bulls In Control

From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading Span B, but the thing to monitor is that the Leading Span A is facing higher and appears poised and ready to move back above the Leading Span B line, which is considered a positive for the major tech stock. Price is also above the conversion line and the base line (another positive for the stock), along with the conversion line recently crossing above the base line (also positive).

The trend in this market is still clearly biased to the upside. Adding to this, for traders who follow chart patterns, you may also recognise that recent price action formed a bullish flag pattern ($922.20-$890.11) and established a minor close above the pattern’s boundary yesterday. This is now considered a completed pattern and will prompt some traders to plot the pattern’s take-profit objective beyond $1,000 to $1,019, a record high! It is also relatively clear to see that during the last correction for the stock, following the all-time high of $974.00 in March, volume has decreased. Ultimately, therefore, traders will be looking for an increase in momentum and volume.

Price Direction?

The chart largely points in favour of bulls at the moment. This will be further cemented should follow-through buying take shape above the recently completed bullish flag pattern. However, an alternative scenario to remember is the possibility of a pullback to retest the area between the conversion line and the base line before the stock attempts to find higher ground.

Ichimoku Watch: Nvidia Preparing to Charge Higher Ahead of Earnings, FP MarketsDISCLAIMER:

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  • Ichimoku Watch: Nvidia Preparing to Charge Higher Ahead of Earnings, FP Markets
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