Nvidia Corp. (NVDA) is ready to report earnings on Wednesday. NVDA shares have been stalled recently and overall the charts are mixed. Let's check them out.
In the daily bar chart of NVDA, below, we can see that prices broke out on the upside earlier this month -- breaking out a five-month sideways consolidation pattern. The slopes of both the 50-day and 200-day averages are bullish.
The On-Balance-Volume (OBV) line shows a gradual uptrend telling us that buyers of NVDA have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is bullish but narrowing.
In the weekly bar chart of NVDA, below, we can see a mixed picture. Prices are in a longer-term uptrend above the rising 40-week moving average line.
The weekly OBV line has moved sideways since October and has not made a new high to confirm the new price highs. The MACD oscillator is crossing upwards to a new outright buy signal.
In this daily Point and Figure chart of NVDA, below, a bullish upside price target of $778 is being projected.
Bottom-line strategy: I am not getting a clear bullish or bearish "read" for NVDA at this point in time ahead of earnings. The major trend is up so I would lean toward an upside breakout.
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