Nvidia (NVDA) shares will be on watchlists as the AI favorite gears up to release its 澳洲幸运5开奖号码历史查询:highly anticipated earnings report after Wednesday’s closing bell.

The chipmaking giant, which has a track record of blowing past 澳洲幸运5开奖号码历史查询:Wall Street expectations amid insatiable demand for its lineup of AI silicon, is projected to report a 73% jump in fourth-quarter revenue from a year earlier and post 澳洲幸运5开奖号码历史查询:net income of $21.08 billion, up from $12.84 billion.

Nvidia shares trade flat on the year, but have gained 12% this month as of Friday's close, with analysts remaining widely bullish on the chipmaker's stock as big tech hyperscalers continue to 澳洲幸运5开奖号码历史查询:ramp up spending on AI infrastr🔥ucture. The stock fell 4.1% to $134.43 on Friday amid a 澳洲幸运5开奖号码历史查询:broader sell-off on Wall Street.

Below, we take a closer look at Nvidia’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify cru💙cial price levels worth watching outও.

Shares Trade in Descending Channel

Nvidia shares have consolidated in a 澳洲幸运5开奖号码历史查询:descending channel since mid-December, with trading volumes declining over t𒊎hat period.

More recently, a 澳洲幸运5开奖号码历史查询:bearish engulfing pattern formed on the chart Friday, signaling a potential move lower ahead of the chipmaker’s results. Interestingly, this same 澳洲幸运5开奖号码历史查询:candlestick pattern has appeared on two other occasionꦅs since the stock set its record high in early January, both of which preceded further 🐎selling.

Meanwhile, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) has mimicked the price, putting in lower highs since the stꦏart of the descending channel, indicating waning buying momentum.

Let’s identify several crucial 澳洲幸运5开奖号码历史查询:support and resistance levels on Nvidia’s chart that investors may be wཧatching.

Crucial Support Levels to Watch

The first lower level to eye sits around $130. The shares could find support in this area near a trendline that links the prominent August peak with trough💮s that form🎶ed on the chart in December and January.

Selling below this location may see the shares decline to the $113 level. Investors may look for buying opportunities in this region near this month’s 澳洲幸运5开奖号码历史查询:swing low, which closely alignsജ with a ra💧nge of comparable trading levels on the chart stretching back to May last year. This area also lies just above a projected bars pattern target that takes the stock’s move lower in late January and repositions it from the descending channel’s top trendline.

A more significant post-earnings drop in Nvidia shares could bring the $102 level into play, a location on the chart where the shares may encounter support near the opening price of the late May 澳洲幸运5开奖号码历史查询:breakaway gap and a series of prices situated around the August and September low🐎s.

Key Resistance Levels to Monitor

A breakout above the descending channel’s upper trendline could initially see the shares make another attempt at the $153 level. This area on the chart would likely provide overhead resistance near the stock’s 澳洲幸运5开奖号码历史查询:all-time high (ATH).

Finally, investors can forecast a bullish target above the ATH by using the measured move technique, also known as the 澳洲幸运5开奖号码历史查询:measuring principle.

To apply the analysis, we calculate the wide of the descending channel in points and add that amount to the pattern’s top trendline. For example, we add $32 to $142, which forecasts a target of $174, a location nearly 30% above Friday’s closing price where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits.

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