Nvidia Earnings Report: Key Levels to Watch as Stock Tests 200-Day Moving Average

Nvidia (NASDAQ: NVDA) is set to release its earnings report tomorrow, and all eyes are on its capital expenditure (capex) plans, demand for its latest chips, and rising competition as the industry shifts towards diversification and self-reliance.

Currently, Nvidia's stock is trading around $129.25 per share, testing the 200-day moving average (200MA) in today’s session. Despite briefly dipping below this key level, the stock has managed to hold above it, indicating that investors and traders are positioning ahead of the earnings release.

Key Technical Levels to Watch

• 200-Day Moving Average (Support): Currently at $126.19, this level is crucial in maintaining Nvidia's bullish trend.
• Ascending Trendline Support: Around $122—a break below this could trigger panic selling, potentially leading to a retest of the February low at $113.04.
• Critical Downside Risk: A decisive break below $113 could signal a more bearish outlook for Nvidia in the near future.

On the upside:

• Resistance at $138–$139: This level aligns with the descending trendline, and a breakout above could trigger a bullish momentum.
• Further Upside Target: If Nvidia moves above $138–$139, the next resistance level to watch is around $153, which was last tested in early January.

What’s Next for Nvidia?

With Nvidia’s earnings report just around the corner, traders will be closely watching revenue growth, guidance, and AI chip demand. A positive outlook could fuel further gains, while any weakness in earnings or forward guidance could put pressure on the stock.

Will Nvidia break out above $138, or will it test the key support levels below $122? Investors should keep a close eye on tomorrow’s market reaction.