Nvidia Stock's Technical Indicators Show Bullish Momentum Ahead Of Q2 Earnings

Nvidia Corp NVDA will be reporting its second-quarter earnings on Wednesday. Wall Street expects 64 cents in EPS and $28.6 billion in revenues as the company reports after market hours.

The stock is up about 170% over the past year, about 163%% YTD.

Let’s look at what the charts indicate for Nvidia stock and how the stock currently maps against Wall Street estimates.

Nvidia Stock Chart Bullish Ahead Of Q2 Earnings 

Nvidia’s stock currently shows a strong bullish trend, with its share price of $126.36 sitting above the five, 20 and 50-day exponential moving averages. This indicates upward momentum despite slight selling pressure.

Chart created using Benzinga Pro

The stock’s eight-day simple moving average is slightly higher at $127.03, which is a bearish signal, while its 20-day and 50-day simple moving averages are $116.46 and $120.73, respectively, both signaling a bullish outlook.

The significant gap between the 200-day simple moving average of $86.88 and the current price further supports a bullish perspective.

Chart created using Benzinga Pro

Additionally, the Moving Average Convergence Divergence (MACD) indicator at 3.25 suggests continued bullish momentum.

However, the Relative Strength Index (RSI) at 56.73 indicates that Nvidia stock is currently in neutral territory but trending towards the overbought territory.

The Bollinger Bands (25) range between $96.03 and $134.70 with the stock trading in the upper band, suggest the stock remains in a bullish phase.

Overall, technical indicators suggest a bullish outlook for Nvidia stock, but caution is warranted due to potential overbought conditions.

Read Also: Wall Street On Track For Weak Start As Anticipation For Nvidia Earnings Drives Traders To Sidelines: Strategist Flags Shift From Volatile Tech Stocks To Good Dividend-Paying Bets

Nvidia Analysts See 22% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Nvidia stock stands at a Buy currently with a price target of $497.42. The most recent analyst ratings for Nvidia stock from Loop Capital, Wedbush and Evercore ISI Group, released in late August, suggest an average price target of $154.33, implying a 22% upside potential for the stock.

Price Action: Nvidia stock closed the trading day Monday at $126.46, down 2.25%.

Read Next:

• Top Nvidia Analyst Sees No Major Impact From Blackwell Delay, But Flags One Caveat He’s Wary About Ahead Of Earnings

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