 Welcome traders to another Tick Mill earnings season preview with me, Patrick Munley. Before we jump into today's report, as always, want to hear that risk disclaimer. Most pertinence of today's presentation is the fact that the views and opinions expressed by me are solely mine, they're not addictive or representative of those held by Tick Mill UK or Tick Mill Europe Limited. Okay, so let's jump into today's report. We are looking at Nvidia. Nvidia set to announce earnings after the close of trade in New York today. We are looking for an earnings per share of 0.811 on a revenue estimate of 6.015 billion. A lot is at stake in this release, in its previous quarterly release, Nvidia missed analyst estimates and guided for a week fourth quarter. If the company beats estimates this time around, then its stock is a chance of climbing out of its current slump. Beating estimates will be a tall order for Nvidia at this release. The company faces a number of headwinds, most recently including the weak RTX 4080 sales, a declining video game industry, and an ailing cryptocurrency market. Nvidia makes a lot of its money off gaming PCs and crypto mining. Its bread and butter clients suffering will of course lead to its own sales taking a hit. It's pretty much a foregone conclusion that Nvidia sales and earnings will ultimately decline in the fourth quarter. The company guided for severe declines in both, so any positive growth in either metric is extremely unlikely. The question really is whether Nvidia will be looking at any buyback program. If it does another three billion dollars in buyback, then the EPS will ultimately make analysts consensus range. If it does no buyback, then it will miss by about 0.01 cents. All of this assumes of course that Nvidia's guidance was accurate at its previous announcements. If the guidance was way off, then the numbers could be totally different from what we're looking at. But I don't really see any indication at this stage that the revenue figure specifically should be too far out of sync with analysts estimates. In terms of the statistical trading patterns around the earnings release, Nvidia shares have ultimately moved higher in the immediate aftermath of earnings 8 out of 12 previous reports. On average, stock moved up 1.1 percent in the first day of trading after earnings. Based on the previous 12 earnings releases and videos more likely to trade higher one day after earnings for an average gain of 0.7 percent. On average, stock has moved higher by 0.8 percent one week after earnings. In terms of the the analyst community, let's check back there. Out of the 44 analysts giving a rating over the past three months, pretty much the consensus is that the stock remains a buy. In terms of estimates over the next 12 months for the stock price, we have an average of 212. On the upside, we have a 325 being the the max estimate there along the minimum downside would be a 110. In terms of the flow and sentiment from the options market around this earnings release, options traders are pricing in an 8 percent move on earnings and the stock has averaged a 4.2 percent move in recent quarters. The options market overestimated video stock earnings move 75 percent of the time really in the last 12 quarters. Notable buying though in terms of the option market contracts 7374 for a 215 call which expires on Friday and options order flow in general has been bullish. 70 percent of analyst coverage is also bullish on the stock. Let's pull up a chart here and see if we can identify any near term trading opportunities in terms of Nvidia stock. Last time out when we covered the earnings, we were looking for a pullback into the 140 to give us an upside objective of 229 and we pretty much traded right into that and then we've seen this pullback. Now, bear in mind this pullback that we're seeing has coincided with the general pullback in terms of markets at the moment. What I'd be looking for technically now would be any three-wave corrective move back into these prior highs. So 188, 187 is the yearly pivot. So any pullback into that area, I'd be watching for bullish reversal patterns on the four-hour, the daily timeframe to reengage on the long side and I'd be looking for a move up now. The next technical target for me is going to be a 242 that coincides with the ascending trend channel resistance as well. So any weakness into the late 180s, we're watching for bullish reversal patterns to take this on the long side to target a 240 test. Now, equally, any loss of that 180 support zone, I think we can see a much deeper pullback and we have monthly projected range support down into the early 160, 164 specifically there. Again, I would be looking for bullish reversal patterns there to reengage on the long side, same upside objectives. However, any daily close through that trend channel support will be a bearish development and we could be looking at retest the pivot down to 138. As always, trade as planned the trade, trade the plan and most importantly, manage your risk. Until next time, thanks very much.