NVIDIA TOPS Q4 PROFIT ESTIMATES, STOCK ABOVE ALL MAs
Nvidia is currently trading at 161.28-higher by 4.37% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 5.64%. The stock has pared some of its gains after the opening bell.
The company on Thursday reported better-than-expected earnings for the fourth quarter of its 2019 fiscal year. Nvidia disclosed excess inventory one quarter ago. On 28th January, the chipmaker released updated fiscal Q4 guidance indicating that gaming and data center revenue was below the company’s expectations.
Nvidia generated EPS of 80 cents for the fourth quarter. The EPS was above the market expectation of 75 cents. The company brought in $2.21 billion in revenue for the fourth quarter. The revenue was above the market expectation of $2.20 billion.
Nvidia expects $2.20 billion in revenue, plus or minus 2%, in the first quarter of its 2020 fiscal year. The midpoint is below the $2.28 billion Refinitiv estimate.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 61.44% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 161.00 TAKE PROFIT AT 163.20 STOP LOSS AT 160.00