- Nvidia Stock Price (NASDAQ: NVDA) open gap up 24% after quarterly earnings.
- NVDA Stock price breakout of $346.47 and hits an All time high at 394.80.
- Nvidia Corporation meets EPS as well as revenue estimates in quarterly earnings.
Nvidia Stock Price (NASDAQ: NVDA) surges 24% in a single day after the release of Quarterly Earnings. It broke out of the previous swing high hurdle at $346.47 with strong volume and hit an All time high.
NVDA Stock showed a massive rally in the current year and up by 172% on a YTD basis. The bullish momentum is still intact and the recent craze in Artificial Intelligence is fueling the rally.
Nvidia Stock has displayed a golden crossover and price is continuously sustaining above the 50 and 200 day EMA showcase uptrend. However, the prices had gone far away from both the EMA that’s why short term retracement or consolidation is possible.
Nvidia Corporation released the quarterly earnings on May 24, 2023. It reported an EPS of $1.09 and revenue of $7.192 Billion. Whereas the estimates of EPS and revenue are $0.924 and $6.532 Billion respectively.
Nvidia beats the EPS estimates by 18.02% and revenue estimates by 10.10%. It positively impacted the stock and prices showed massive momentum.
Nvidia Stock Price closed the previous session at $389.46 with an intraday rise of 2.54%. The market capitalization of the company also increases substantially and currently stands at $963.18 Billion.
AI buzz fueling the rally in Nvidia Stock
Nvidia Stock Price (NASDAQ: NVDA) at All time high which shows that confidence of investors and the long term outlook looks bright. However, the prices seem a little overstretched and near to the overbought territory. Therefore, a short term correction might arrive anytime.
The chart structure is highly bullish and any minor dips toward $320.00 to $350.00 will have a high possibility of bouncing back. Till the price sustains above $320.00 the dominance of the bulls will be intact.
NVDA stock is turning out to be one of promising bets in the field of Artificial Intelligence. The massive rally in the stock is reflecting the future of the company and the improvement in financial performance gives more confidence.
NVDA Stock preparing for $400.00 breakout
NVDA Stock price showed a V-shaped rally and formed a strong bullish candle on a weekly time frame. The price is also trading above the 200-week EMA denotes strong uptrend and seems like NVDA stock is prepared for a $400 breakout.
The MACD curve is rising along with the rise in histogram. It shows the strength and confidence of buyers. The RSI at 83 reaches the overbought territory but price action does not show any signs of correction.
Conclusion
Nvidia Stock Price (NASDAQ: NVDA) surges 24% in a single day and hits an all time high. The quarterly earnings meet the analyst estimates which positively impacted the stock prices. Moreover, the recent buzz in Artificial Intelligence is also fueling the rally in NVDA Stock.
Technical levels
Resistance levels: $410.00 and $420.00
Support levels: $346.00 and $320.00
Disclaimer
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