Nvidia is set to report its fiscal second-quarter earnings on Wednesday, with analysts projecting earnings per share of $2.10, a remarkable 99.7% increase year-over-year, and revenue estimates of $92.179 billion, up 97.2% from the same period last year.
NYSE insider Jay Woods highlighted important price levels for investors to monitor: a resistance level around $235 and a critical support level at $195, which represents a potential 7.1% decline from Monday's trading price of approximately $210. Woods noted that Nvidia has historically traded lower in five of the last six earnings reports, suggesting caution regarding upward momentum.
Additionally, Woods advised investors to be wary of Marvell Technology, which is set to report earnings on Thursday, indicating that the downside risk for Marvell could be concerning. He also mentioned other significant events this week, including the release of U.S. PCE inflation data and a keynote address by Federal Reserve Chair Kevin Warsh, which could influence market sentiment