NVDA rest before continuation move downFundamentals:
Nvidia Corp posted higher fiscal second-quarter earningsyesterday after market close and gave a forecast for current-quarter revenues that exceeded Wall Street's estimates, sending shares of the graphics chipmaker higher in after-hours trade.
The outlook in the PC industry has brightened following news that PC shipments were flat in the June quarter, a better-than-expected result.
After struggling to compete against larger chipmakers like Qualcomm in smartphones and tablets, Nvidia has increased its focus on using its Tegra chips to power entertainment and navigation systems in cars made by companies including Volkswagen's Audi, BMW and Tesla.
Technicals:
From technicals perspective chart looks broken after it found supply zone at $19.50-.75, then broke important levels of support. Now, price is sitting on its 200 EMA forming nice, tight, lower-level range. I will be watching closely on open if buyers have enough power to hold after-hours gains. Hold below $18.23 and drop back below $18.00 will trigger my entry short. I use active trade management system with tiers. I will add below $17.30 and it will open doors to the next potential buying area/target at $16.00-.43.
Market:
continue to show us wekaness and this lower range become more defining. I expect to see quick move down to $1,895-$1,900 in $S&P500. So, it will keep preassure on weak stocks.
