Nvidia has fallen after each of its last four earnings reports, even though it beat on both revenue and EPS.
That sounds bearish until you look at where the stock was trading before those results. In most cases, Nvidia had already been climbing into earnings. This time it is doing the opposite.
Price has spent the past several sessions pulling back from the breakout and is now sitting closer to support.
Nvidia is due to release results at around 4:20 p.m. ET, with the earnings call at 5:00 p.m. ET. The regular-session move mostly tells us how traders are positioned before the event.
The previous reactions were not all the same either. One quickly turned into sideways trade and a modest recovery, while Nvidia eventually returned to its broader uptrend after the others.
