Growth stocks are trying to base, with Nvidia currently lower after earnings.
Nvidia (NVDA) beat estimates for Q4 sales and earnings. It’s revenue forecast came in above guidance as the chipmaker’s data center business drives growth. January Q4 2022 earnings came in at $1.32 per share on revenue of $7.6 billion. Revenue grew 52.8% on a year-over-year basis.
If Nvidia (NVDA) holds the pre-market lows we will be watching for an opportunity to add to our core position.
Volume suggests institutions are supportive and accumulating shares. MACD, Stochastic and RSI are bullish.
Look for price action to firm before adding or starting new posirtions. Then, look for price to attack the 50d moving average.
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