Technical Analysis – Nvidia stock consolidates ahead of earnings
Nvidia hovers around its record high of 745.70
Exponential year-to-date rally seems overstretched
Stochastics exit but RSI stays in overbought area
Should buying pressures persist, the stock might revisit its all-time high of 745.70 registered on February 12. An upward violation of that zone would send the price to uncharted waters, where the 800.00 psychological mark could curb further advances.
On the flipside, if the price reverses lower, initial support could be found at the 663.00 hurdle. Sliding beneath that floor, the stock may face the 605.00 support zone. Even lower, the November resistance of 505.00 could serve as support in the future.
In brief, Nvidia’s shares have gone parabolic since the beginning of the year, generating a structure of consecutive all-time highs without experiencing even a minor pullback. Therefore, the risk of a correction remains high as the advance seems way overstretched.Related Assets
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