Nvidia stock gains momentum ahead of AMD results
Nvidia shares are recovering alongside the broader technology sector, while the formation of a double-bottom pattern supports the short-term bullish scenario. However, AMD’s earnings report after the market closes could sharply increase volatility across the semiconductor sector.
NVDA shares ended Monday up 2.9% at $206.64. The advance came amid a broader recovery in technology stocks, with the Nasdaq gaining 2.1% as investor interest shifted back toward companies linked to artificial intelligence infrastructure.
Sentiment was also supported by expectations that major cloud companies will continue increasing spending on AI infrastructure. Bernstein maintained its Buy rating on Nvidia and a $315 price target, although investors continue to closely assess the rising costs of data center construction and AI project financing.
Nvidia forms a double bottom above the 50-day SMA
After establishing a sustained position above the 50-day SMA, NVDA shares formed a double-bottom pattern. As a result, $212.60 will be the key level during today’s trading session.A decisive breakout and sustained hold above this threshold would open the way to the next resistance level near $217.
In the event of a decline during the regular trading session, the 50-day moving average near $206 would become the nearest support. The next support level is located around $204.60.
Nvidia faces higher volatility ahead of AMD results
The main short-term catalyst for Nvidia will be AMD’s quarterly earnings report, scheduled for release today after the market closes.As AMD is Nvidia’s direct competitor in the AI chip market, a significant deviation in its results or guidance from expectations could affect the entire semiconductor sector.
Elevated volatility should therefore be expected over the coming trading sessions, making disciplined risk management particularly important.
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