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Nvidia (NVDA, Financials) shares are in focus ahead of its quarterly earnings report due after the market closes on Wednesday, with investors closely watching chart levels for trading cues.
The stock has rallied 52% since early April but remains down 2% for the year. Technical analysts are watching a continuation flag pattern, often seen during upward trends, that could signal further gains if earnings beat expectations.
Revenue trends will be key, as investors seek evidence of sustained AI infrastructure demand from major cloud and hyperscaler clients. Traders are also looking for updates on the company's China exposure, after Nvidia flagged a potential $5.5 billion hit earlier this year due to U.S. export restrictions on its H20 chip.
Resistance is expected near $143, where the stock previously peaked in February and late October. A breakout past that level could trigger a move toward $150, a ceiling tested between November and January.
Support is seen near $121, around prior highs from March and September 2024. Further weakness could see the stock test $115, close to its 50-day moving average.
Investors will be watching how Nvidia's guidance addresses U.S.-China trade constraints and enterprise AI spending trends. A beat-and-raise quarter could reinforce bullish sentiment going into the second half of 2025.
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This article first appeared on GuruFocus.