Nvidia stock price is on fire ahead of its earnings release. The stock has soared to a new all-time high by breaking the key psychological barrier of $500. Consequently, the price is now hovering in unchartered territory as the bulls target more upside.
On Monday, the US equities showed a very positive price action as the tech stocks extended their gains. This resulted in the tech-heavy NASDAQ 100 index surging to fresh yearly highs around 16,056, which was its highest level since January 2022.
The bullish market sentiment is driven by a significant decrease in October inflation and the upcoming strong Q3 earnings report from Nvidia. During the first trading session of the week, Nvidia shares gained 2.25% and closed at $504.09.
You can clearly see in the following chart that Nvidia stock price forecast is looking very bullish as it has broken above the range highs of $485. This was a major resistance for the stock. As a result, as long as the price remains above this level, bears won’t stand a chance.
The markets are expecting, Nvidia to report a quarterly revenue of $16.1 billion tomorrow which will be a YoY increase of 172%.
I will keep sharing my updated outlook on Nvidia via Twitter, where you are welcome to follow me.
