Nvidia Earnings Set to Test Technical Chart and Options Market

Nvidia's upcoming earnings report is causing concern among investors due to its technical chart and options positioning. The stock has been fluctuating, with a recent post-earnings rally giving way to a decline this week.

The technical chart shows resistance at $230 and support at $212, with little support below $210 until around $190. This is reflected in the options market, which has a positive gamma regime with a call wall at $230 and a put wall at $190.

This setup suggests limited upside and asymmetric downside risk. The delta picture also indicates that calls outnumber puts by a wide margin above the $220 strike.