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Volatility for NVDA Ahead of Aug. 28 Earnings

Written By: ChartChamp

August 26, 2024

NVDA is showing a lot of volatility ahead of the upcoming Aug. 28 earnings date. There is a pattern of alternating green and red days for NVDA. Today is a red day, and if this pattern continues NVDA will be green tomorrow. I think there are some bullish signs on the chart with NVDA breaking above the red resistance line, and NVDA is attempting to flip this red resistance level into a support. I would monitor $126 to see if NVDA can hold above the red trendline. I’m personally bearish on NVDA in September, the seasonality trend is bearish for the month as well. However, the earnings results will have a significant impact on the price action. If NVDA manages to beat expectations the rally can continue to rally for about 4 weeks longer. If NVDA fails to meet expectations the whole stock market is likely hurt with concerns about the AI bubble starting to pop.

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