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Nvidia in a steady advance month-to-date
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Aims to revisit its record high as earnings call draws closer
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Momentum indicators are just shy of their overbought marks
Nvidia has been the best performing stock of the S&P 500 in 2023, gaining around 250% before experiencing a downside correction. However, the price has regained traction following its bounce off the five-month bottom of 392.00 in late October, with the bulls eyeing the all-time high of 497.80.
Should the price extend its advance ahead of the upcoming Q3 earnings report, there is no prominent resistance until the record high of 497.80 registered in August. Breaking above that region, the price would move to uncharted waters, where the 500.00 psychological mark could curb its upside.
On the flipside, bearish actions could send the price lower to test the July peak of 478.50, which could now serve as support. Further declines might then cease at the August support of 450.00. A violation of the latter could pave the way for the September bottom of 408.50.
In brief, Nvidia’s shares seem ready to revisit their record high, but the advance is starting to look overstretched. Will the stock post a fresh high before its earnings report next Tuesday?
