Nvidia Continues to Show Strength Following Earnings ResultsNVIDIA CorporationBATS:NVDAFOREXcomThe bullish momentum around Nvidia shares has remained particularly strong since the company's latest earnings release. Over the last two trading sessions, the stock has gained more than 8%, highlighting that buying pressure continues to be one of the dominant factors driving recent price action. The latest rally was initially fueled by earnings results that exceeded market expectations. Nvidia reported earnings per share of $2.22, above the $2.08 expected by analysts, while revenue reached $96 billion, surpassing forecasts of $91 billion. However, one of the most important catalysts behind the market's reaction came from comments made by the company's CFO, who indicated that Nvidia expects sales to increase by approximately 70% by 2028. This outlook further reinforced the optimism surrounding the company and helped sustain investor confidence following the earnings release. For now, the results remain the primary driver behind the buying pressure that continues to dominate the chart. Long-Term Uptrend Remains Intact: Since approximately April 2025, Nvidia's price action has developed a strong bullish trendline that continues to represent the most important technical structure on the chart. As long as meaningful corrective selling pressure fails to emerge, this trendline could continue acting as the dominant pattern over the coming weeks. However, it is also important to recognize that the rally following the earnings release has been particularly aggressive, meaning that temporary pullbacks cannot be ruled out as the stock continues to advance. TRIX: The TRIX indicator remains comfortably above the neutral 0 level, signaling that the average strength of exponential moving averages continues to favor a bullish bias. As long as the indicator remains in positive territory, buying momentum could continue to be an important factor during the weeks ahead. RSI: A similar dynamic can be observed in the RSI, which remains above the 50 level, reflecting that bullish momentum continues to dominate short-term price action. However, the indicator has also begun to move rapidly toward the overbought zone marked by the 70 level. This development deserves attention because it may begin to signal excessive buying pressure, potentially opening the door to temporary corrective pullbacks in the coming sessions. Key Levels to Watch: $236: A major resistance level that coincides with the previous significant highs on the chart. Price action that manages to break above this area could reaffirm the dominance of the bullish bias and support a further extension of the longer-term uptrend. $212: A nearby support zone that aligns with recent price retracements and the 50-period moving average. This area could become the primary technical reference to monitor should short-term corrective declines begin to develop. $194: A critical support level that coincides with the base of the bullish trendline, the 200-period Simple Moving Average (SMA), and an important area of previous lows. This confluence makes it one of the most important support zones on the chart. A move back toward this region could begin to threaten the dominant bullish structure and potentially open the door to a more meaningful bearish bias over the longer term. Written by Julian Pineda, CFA, CMT – Market Analyst