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- 1 NVIDIA is above the key moving averages, sustaining its bullish momentum.
- 2 NVIDIA stock price is struggling to escape the resistance mark of $500.
- 3 NVIDIA (NASDAQ:NVDA) earnings beat expectations.
NVIDIA stock price has been on a roller coaster ride in recent times showing volatility in the share price. It broke below the 50 EMA line, but on the following day, bulls took back control from bears and broke the 50 moving average with a powerful bullish Marubozu candle indicating a tough fight between bears and bulls. At present NVDA stock price is taking support on 20-EMA showing bulls do not want to slip the control from them.
Investors in NVIDIA stock were rewarded with an excellent return throughout the year. Within six months, NVIDIA has generated a positive return of 98.14%, a phenomenal return of 209.86% since the beginning of the year. Moreover, the stock gained 21.45% returns over the last 3 months; and gave -0.01% returns last month as it paused in its bullish trend. NVDA investors have won the lottery in recent years with NVDA.
NVIDIA Stock Financial Analysis
According to NVIDIA’s recent Q2 2023 earnings, the company reported a revenue of $13.51 Billion, a net income of $6.19 Billion, and a profit margin of 45.81%. Comparing Q1’23 to Q2’23, revenue doubled, net income tripled, and profit margin also doubled. In addition, NVDA gave a phenomenal revenue growth of 101.48% with 843.29% net income growth and net profit margin increased by 367.93% in the latest quarter result.
NVIDIA also Delivers Earnings Guidance for its Third Quarter of 2024. NVDA delivered earnings guidance for the third quarter of 2024. For the quarter, the company’s revenue is anticipated to be $16.00 billion, plus or minus of 2%.
NVIDIA’s stock had an intraday trading volume of 92.534 Million and a market cap of $1.137 Trillion. The company’s dividend yield is 0.03% with a price-to-earnings ratio of 113.83 and basic earnings per share of $4.18. NVDA presently has 2.37 Billion floating shares in the market.
NVIDIA Stock Price Sustaining Above the Key Moving Averages
NVIDIA stock price trading above the 20, 50, 100 and 200 EMAs showing strong bulls domination in the current market. Presently, the share price is taking support on 20 EMA and sustaining above it.
MACD is in the bullish territory above the zero line with a green histogram. However, MACD is at 6.44 above the signal line (3.94) indicating bullishness.
RSI is also above the median line but not on the overbought zone describing neutrality in the current scenario.
Overall indicators are showing bullishness in the stock and As per trading view top analysts are also on the strong buy side.
Summary
NVIDIA (NASDAQ:NVDA) stock price trading above the 20, 50, 100 and 200 EMAs showing strong bullish momentum. The bears tried their best to take down the share price but failed. The RSI and MACD are mildly bullish.
Technical Levels
Support Levels : S1 426.87, S2 386.46 and S3 319.04.
Resistance Levels: R1 494.29, R2 521.30 and R3 588.72.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
