Nvidia's Roller Coaster Ride Through Early 2024 Sets The Stage For A Potential Market Shakeup As Investors Eye The Critical First Quarter Earnings Report

• Nvidia started 2024 with a strong performance, witnessing a 96% bull rally.
• Surpassing $974 might indicate further growth.
• Attention is turning towards Nvidia’s anticipated first-quarter earnings report.

NVIDIA Corp NVDA continues to display itself as a standout company, particularly for its solid performance in early 2024. Kicking off the year with significant momentum, Nvidia's stock experienced a 96% bull rally that continued through to March, nearly reaching the $1000 milestone.

However, the climb halted at $974, facing resistance that put a halt to its upward move, leading to a 13% dip in value. Currently, Nvidia is in a consolidation phase, with its stock price oscillating between $756 and $974.

The market looks optimistic, but the company is walking a fine line. If it drops below $756, it might indicate a downturn, but breaking past $974 could signal further growth.

With May 22 on the horizon, focus is on Nvidia once again and its anticipated first-quarter earnings report. Analysts are forecasting earnings of $5.18 per share, a figure that puts pressure on Nvidia to continue its positive earnings streak from the last four quarters.

A positive earnings report could push the stock to surpass its previous highs. Currently, Nvidia finds itself in a slight downturn, down 2%, while still in consolidation.

For investors, the message is clear. Patience and vigilance in monitoring key support and resistance levels are crucial. This upcoming earnings report holds the potential to kickstart Nvidia's next bullish phase.

After the closing bell on Tuesday, April 30, the stock closed at $864.02, trading down by 1.50%.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.