Expected to report an EPS of $3.36 on revenue of $16.18bn

Taking a look at Nvidia ahead of its earnings tomorrow. Currently, the tech giant is trading at around $484.08 a share, from a technical aspect the price is not a huge distance away from its all-time highs. In Minipip’s opinion, Nvidia will have to beat earnings as a minimum for the price to test the resistance of $518.70. Despite recent optimism from the markets. The expectations are high due to its rally during the year, but there are some concerns due to lower volumes of shipments of chips into Asia in the last quarter. Investors will be also closely monitoring the outlook for 2024. Nevertheless, if a successful break above the resistance does occur, then this could allow the bulls to look at higher levels. Perhaps $530-$540 a share. On the other hand, as the stock’s share price is now sitting within a tight range prior to the earnings release, key support sits at $482.02. A break and close below it may see a retracement lower towards support of $465.18 and maybe even as low as $448.98. However, at this moment in time, the likelihood of $448.98 is low. Looking at the technical indicators, the MACD is still positive and so is the RSI as it reads 66.