When we look at the NVIDIA (NASDAQ:NVDA) weekly chart, we see its fall from the $265 range on Feb. 11 to the low of $230 on Feb. 15, where there was an immediate bounce back to the $245 intraday.
Since then, there was a steady, gradual climb and consolidation at the $260 range. NVIDIA Corp had scheduled a quarterly earnings announcement yesterday.
Earning expectations were surpassed, outperforming both EPS and Revenue projections, but there was no significant reaction from the market. It was last found trading at $264.91 with the closest longer-term overhead resistance of $267 and the closest support level at $255.
Today we can expect a move above the $267 resistance level, possibly well into the $275 range. If, however, it doesn’t manage to hold on to the current level, then a move below the $255 support can be expected.