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.
