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A very strong day for NVIDIA stock price on Friday

StockInvest.us, 3 weeks ago

NVIDIA

The NVIDIA stock price gained 5.14% on the last trading day (Friday, 20th Aug 2021), rising from $197.98 to $208.16. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 4.68% from a day low at $199.33 to a day high of $208.65. The price has fallen in 6 of the last 10 days, but is still up by 2.21% over the past 2 weeks. Volume fell on the last day by -10 million shares and in total, 67 million shares were bought and sold for approximately $13.85 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On August 19, 2021 "Piper Sandler" gave "$172.50 - $225.00" rating for NVDA. The price target was set to $202.61+6.4%.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 21.35% during the next 3 months and, with a 90% probability hold a price between $239.70 and $276.68 at the end of this 3-month period.

NVIDIA

Mostly positive signals in the chart today. The NVIDIA stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $198.79 and $197.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 16, 2021, and so far it has risen 14.62%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

NVIDIA finds support from accumulated volume at $197.98 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $9.32 (4.68%) between high and low. For the last week, the stock has had a daily average volatility of 4.83%.

NVIDIA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full NVIDIA forecast and analysis here.