As the stock market turns bullish to recover from the early November crash, the technology sector can be credited with playing a major role in the latest rebound. , the world’s biggest publicly-listed company by market capitalization, has been among the best performers since November 7th.
The NVDA stock is up more than 10% over the past five days and nearly 44% this year. The rally coincides with the rapid adoption of artificial intelligence as more use cases for the technology continue to emerge.
AI is shaping the next frontier in technological advancements, with AI agents, in particular, at the heart of its rising adoption.
AI agent development and training require massive amounts of computing power, which is where Nvidia comes in with its Graphics Processing Unit business.
The company’s GPU sales played a significant part in its Q2 revenue growth of 56% year-on-year to $46.7 billion, and analysts expect it to outperform management’s Q3 revenue forecasts with GPU sales again at the center of its continued top-line growth.
With the company expected to report earnings for the most recent quarter on November 19, the NVDA stock will be carrying strong momentum into the event, which could boost gains.
Nvidia Stock Technical Analysis
Technically, Nvidia shares trade within an ascending wedge formation as demonstrated using trendline 2 (T2) and trendline 3 (T3), in the daily chart. The NVDA price recently touched both trendlines at $212 and $178, respectively, with the latter also sparking the latest rebound.
This latest rebound is further supported by a confluence of multiple trendlines, including trendline 1 (T1), which acted as a major ascending resistance between June 2024 and July 2025.
Both trendline 4 (T4) and trendline 5 (T5), which have been acting as ascending support zones from May 2025 and July 2025, respectively, are also active supports at $178.
With the Nvidia stock having already bounced back off this strongly supported level, it makes the current upward momentum one of the strongest in recent months, thus creating a more positive sentiment ahead of earnings next week.
This sentiment also draws support from investor reaction to the news that sold its entire $5.8 billion stake in Nvidia. Since the report came out, SoftBank shares have tanked more than 10%, which implies investors’ disapproval of the decision.
Nvidia Stock Options Open Interest Supports Bullish Case
The current upward momentum is further supported by NVDA’s open interest in the options market, with those expiring at the end of this week standing at a 0.61 Put-to-Call Open Interest ratio, according to data by OptionCharts, implying that 61% are Call contracts, and 39% Put contracts.
According to the data, there are currently over 1.3 million NVDA options contracts expiring on November 14. More than 819,000 are Call Options, while just over 503,000 are Put Options.
Nvidia Earnings Can Fuel More Upward Movement
In its Q2 earnings, Nvidia provided Q3 revenue guidance of about $54 billion, implying approximately 16% quarter-on-quarter growth and about 50% growth from the corresponding period a year ago.
Much of this growth will be driven by data centre sales, which are expected to top $48 billion amid the continued expansion of Blackwell production. Blackwell is the company’s latest GPU architecture, designed for high-performance generative AI and professional workflows.
Nvidia CEO Jensen Huang recently said he expects more than $500 billion in cumulative bookings for its Blackwell and next-generation Rubin AI chips through the end of 2026. This supports the company’s long-term prospects. If the same sentiment is affirmed during Nvidia’s earnings conference next week, then investors can expect a stronger upward momentum going into the tail end of the year.
Therefore, the current rebound could easily see the stock retest its current all-time highs of about $212 or even set a new ATH of about $240, post-earnings, which would be higher than the current consensus forecast of about $230.
However, with forecasts as high as $350 for 2025, $240 is not an unrealistic target, especially given CEO Haung’s recent comments and the forecasted top-line growth.
