Despite recent fluctuations, Nvidia's stock has been on an upward trajectory since late 2023, indicating that bulls still maintain control, according to analysis conducted by Peter DiCarlo. However, the analyst's findings also point towards a possible pullback as the company approaches its Q2 earnings report.

Using the BX tender, DiCarlo observed a pattern of lower highs and lower lows over the past few weeks, suggesting weakening momentum. A descending trendline formed from the recent peaks further supports these concerns about a potential pullback.

DiCarlo anticipates a worst-case pullback to $110 by the time of the earnings report. This represents a potential buying opportunity for investors looking to enter or add to their positions at a lower price point, considering Nvidia's significant rally in 2024 despite the short-term price fluctuations.

The recent bearishness surrounding Nvidia's stock is attributed to emerging geopolitical concerns related to President Joe Biden and Republican presidential nominee Donald Trump. Some analysts speculate that, following the stock's impressive 500% surge over the past three years, a potential slowdown in 2024 may lead to a crash in the second half of the year, possibly affecting the general stock market.

Nonetheless, the interest in AI chipmaker leaders, including Nvidia, has propelled the stock to nearly 150% growth in the first half of 2024, with some experts believing that there is still room for further growth.

Goldman Sachs, a banking giant, has expressed confidence in Nvidia's upcoming earnings report. The bank predicts that Nvidia will highlight the profits generated by its end users from the increasing utilization of its AI-enabled GPU chips, which could serve as a bullish catalyst for the stock.

As of the last market close, Nvidia was trading at $118, experiencing a 2% loss within a 24-hour period. On the weekly chart, the stock saw a decline of almost 10%.

Looking ahead, if the earnings call surpasses market expectations, analysts anticipate that the results could potentially help Nvidia reclaim the $120 resistance zone.

While the potential pullback raises concerns among investors, the overall trend indicates that bulls are still in control. DiCarlo's analysis highlights the buying opportunity presented by the expected pullback, especially for those who wish to establish or expand their positions in Nvidia at a lower price point.