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Nvidia ticked higher for a second straight day, after five consecutive red sessions, closing a tad above the 100-day SMA at $214.00. The RSI is trying to rebound towards the 50 neutral level. If the stock rebounds further, then it may initially test the 20-day SMA at $218.50. Further up, it might potentially try to drift gradually higher, towards the high of september 7 at $234.70.
Nvidia (NVDA) CEO Huang says AI safety is paramount; Nvidia (NVDA) to sell twice as many chips next year as this year…Source: Newsquawk.com
Nvidia stock ticked slightly lower on Tuesday, and it closed at 217.40. lf it rebounds, it may reach last Thursday’s high at 230.50. Even higher, it might attempt to climb towards the all-time high at 236.55.
On the other hand, if investor sentiment deteriorates due to escalating geopolitical tensions, the stock may find key support near 200.00. Further down, it might seek solid support at 190.00 as also seen in June and July.
NAS100 (NASDAQ) 4 HOUR: Waiting for Nvidia
Trend: Longer-term consolidating
Momentum: Short-term down slowed
Trying to build on its higher low (28944) that would need to take out 29450 and then 29600-670 (on this CFD chart) to shift the focus back to 30K.
Otherwise, wait is on for Nvidia earnings after the close and likely to hold a bid while aboive 29K trades.
NAS100 (NASDAQ) 4 HOUR: Waiting for Nvidia
Trend: Longer-term consolidating
Momentum: Short-term down slowed
Trying to build on its higher low (28944) that would need to take out 29450 and then 29600-670 (on this CFD chart) to shift the focus back to 30K.
Otherwise, wait is on for Nvidia earnings after the close and likely to hold a bid while aboive 29K trades.
COMING UP: Data: Australian CPI (Jul), US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3)
Speakers: ECB’s Cipollone Supply: Germany, Italy,
US Earnings: Nvidia, Salesforce, CrowdStrike.
NAS100 (NASDAQ) 4 HOUR: 29K still pivotal
Trend: Longer-term consolidating Momentum: Short-term down slowed
Support below 29K and a higher low giving hope to the bull side as they try to hang in ahead of Nvidia earnings tomorrow. However, it has not gone far enough to shake a focus from 29K although downside momentum is cooled while above 28944 On the upside, would need to take out 29450 (on this CFD chart) to put bulls back in control;.
NAS100 (NASDAQ) DAILY: Support broken but briefly
Trend: Uptrend stalled Momentum: Short-term down
29110 finally (briefly) broken but to confirm, 29000 would need to be firmly taken out as well. Otherwise, still hope for the bulls that the move down can be contained as a retracement. Otherwise, as this chart shows there is a big void on the downside. Looking ahead, bulls hoping Nvidia earnings at mid-week will throw tech a lifeline.
World’s biggest chipmaker TSMC’s sales surge 45% amid buoyant AI demand
- TSMC reported revenue for July of 467.58 billion new Taiwan dollars ($14.5 billion), up 44.7% year-on-year.
- The group makes chips for Big Tech customers like Nvidia and Google, so the firm’s financial figures are closely watched as a sign of AI semiconductor demand.
- European semiconductor stocks rose on Monday, with ASML up more than 2%, and Infineon and STMicro also trading higher.(CNBC)
