NVIDIA Stock Could Break Above Resistance

When we look at the NVIDIA (NASDAQ:) weekly chart, we see its fall from the $265 range on Feb. 11 to the low of $230 on Feb. 15, where there was an immediate bounce back to the $245 intraday.

Since then, there was a steady, gradual climb and consolidation at the $260 range. NVIDIA Corp had scheduled a quarterly announcement yesterday.

Earning expectations were surpassed, outperforming both EPS and Revenue projections, but there was no significant reaction from the market. It was last found trading at $264.91 with the closest longer-term overhead resistance of $267 and the closest support level at $255.

Today we can expect a move above the $267 resistance level, possibly well into the $275 range. If, however, it doesn’t manage to hold on to the current level, then a move below the $255 support can be expected.

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