After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Will Nvidia Surge ahead of Earnings?
Information is not investment advice
What will happen?
Nvidia will unveil its financial results for the second quarter at midnight from August 18 to August 19 GMT+3 (MetaTrader time). The 2nd quarter was challenging for the company as it was coping with the chip shortage. This problem keeps weighing on the company. However, Nvidia is up nearly 50% in 2021, despite many challenges.
The company has been unable to meet consumer demand because of the global chip shortage. A reduced supply has created a deficit of chips in the market and pushed the semiconductors’ prices up. On the one hand, Nvidia gained from it, but if it had more GPUs to sell, its financial results will be even higher. Anyway, Nvidia has managed to show record revenue for the first quarter.
Nvidia has implemented a 4-to-1 stock split on July 20. A lower price has made the stock more accessible for investors!
Analysts forecast that Nvidia’s earnings per share will be $1.02, while revenue – $6.32 billion. In general, when the actual numbers are greater than expected, the stock price rises. In case of worse-than-expected results – it falls. This time, analysts expect a slowdown, and if Nvidia surprises investors, it may rocket after the report.
The stock price is just under $200.00. It is struggling to cross this resistance level, but if it manages to do so, it will jump to the next round number of $210.00. Support levels are at the recent lows of $190.00 and $185.00.
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