Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
Technical Analyst, Saxo Bank
Nvidia is set to open approximately 6-7% higher, around USD 1,013, after earnings last night (dashed thick red line). If closing above USD 974, it has cancelled the top and reversal candles – bearish engulfings – created back in March, and Nvidia is then set for even higher levels.
Short- to medium-term, there could be potential to 1,048–1,098 levels, which are the 1.382 and 1.618 projection levels respectively.
Positive sentiment on the strength indicator RSI is supporting the bullish outlook both short- and medium-term, i.e. on both daily and weekly charts.
However, if Nvidia closes below 974, the top and reversal scenario is still in play, and Nvidia could slide lower towards support at around 888 and 830.
Equity outlook: The high cost of global fragmentation for US portfolios
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