BY LICIA LESLIE
May 22, 2024
Hi Shoppers,
Nvidia (TIcker: NVDA) reports earnings this afternoon.
We all know how the earnings reports can really make a stock move and NVDA is a mover.
My pitchfork support and resistance levels are like magnets for these stock gaps.
I would say in close to 90% of the top stocks earnings reports this last quarter, the stocks gapped to my levels.
Let’s take a look at the NVDA pitchfork and see where the stock could trade to:
Conservatively, on a smaller move, I have $966 on the upside and $913 on the downside.
On a bigger gap, I have $1023 on the upside and $878 on the downside.
An outlandish, but not impossible, gap higher would take NVDA to the top of the parallel channel at $1095.
Friday’s at the money straddle (the call & puts) is pricing a $78-$79 move.
Definitely not for the faint of heart.
Be careful out there.
Trade Review
Affirm (Ticker: AFRM) has not given confirmation for the bullish engulfing candle, still looking for that close above $34 to hop in on the long side.
$AA traded over $44, I still think $50 is in the future.
$AAPL still looks good to $200.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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