Nvidia Price Forecast & Technical Analysis – 14 November 2022
14 Nov 2022
Nvidia Can Outperform Its Peers, Earnings are coming.
Restrictions on chip sales to China and falling demand for PCs are problems for Nvidia right now, but Piper Sandler wants investors to focus on growth in its key data centre business in 2023.
The chip company (ticker: NVDA) is set to report third-quarter earnings on Wednesday, and the consensus call among analysts tracked by FactSet is that profits will be 71 cents a share from revenue of $5.8 billion. October-quarter sales in its data-centre segment, the most important business for the roughly 30-year-old company, are expected to fall by a percentage in the single digits from the prior quarter. A slowdown in demand for chips in China has been a risk for the company.
NVIDIA Technical Analysis:
In daily chart NVIDIA is currently trading in up channel.
It is currently trading above all MA; RSI is in buying zone.
Its immediate resistance is at 179.34 and support level is at 154.66.
HOW TO TRADE IN THIS WEEK:
Currently the market is it uptrend and in up channel with strong bullish engulfing candle. Market tends to move upside until any reversal.