NVIDIA finds support from accumulated volume at $116.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested. This is considered to be a good technical signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Further rise is indicated until a new top pivot has been found. A buy signal was issued from a pivot bottom point on Wednesday, October 12, 2022, and so far it has risen 4.00%. A break-up above any of these levels will issue buy signals. On corrections up, there will be some resistance from the lines at $121.62 and $133.72.
Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. The NVIDIA stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Any movement was just a consequence of the hype surrounding earnings and in hindsight, the good idea to dump everything cuz the market is shit.There are mixed signals in the stock today. All except for 2% as of now, this drop basically voids the 9% increase and everything that was “priced in” has now just been “priced out.” So the result is that net price of NVDA didn’t actually change and the stock wasn’t really impacted by the earnings report at all. In my opinion, I do believe it’s ok to call this NVDA earnings play an actual pump and dump, because the day after earnings (today), the stock drops 7% (and it could go down more). Then, there was a massive sell off after hours despite positive earnings results because of negative market pressure from Russia, inflation, and NVDA's shitty performance against this current market in general. This is the time when I shouldn’t have been greedy and I should’ve sold for 63% profit. NVDA bag holder here: it was basically an overglorified pump and dump, where everyone knew that NVDA would do well on earnings, so it was priced in the 9% increase 2 days prior to earnings.
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