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Nvidia Stock Price Tanks In The After-Hours Despite Record Earnings

Santa Clara, CA, USA - Apr. 23, 2016: NVIDIA Corp. NVIDIA Corporation is an American technology company that designs graphics processing units (GPUs) for the gaming market, as well as system on a chip units (SOCs) for the mobile computing and automotive m

Nvidia stock (NASDAQ: NVDA) price has posted record profits in the third quarter of the current fiscal year. However, the stock price of the AI giant still tumbled in the after-hours, suggesting that the investors were expecting even more bullish figures.

On Tuesday, Nvidia shares closed the session at $499.44. The much-awaited Q3 earnings report of Nvidia Inc. was released after the bell on the same day. These results showed that the company made a record revenue of $18 billion during the quarter.

Additionally, the company also forecasted a $20 billion revenue for the midpoint of the fourth quarter. Nevertheless, the results were apparently not good enough to keep the price above $500 level and the stock was trading at $490.64 at press time.

Unlike other analysts, I keep my charts simple with clear invalidations. Therefore, as long as NASDAQ: NVDA changes hands above $482, the outlook will remain bullish. However, the tables on the Nvidia stock price forecast may turn if the bulls fail to hold this level in the coming days.

Nvidia stock price and technical analysis
NASDAQ: NVDA Technical Analysis