A very strong day for NVIDIA stock price on Friday

The NVIDIA stock price gained 6.41% on the last trading day (Friday, 20th Jan 2023), rising from $167.65 to $178.39. During the last trading day the stock fluctuated 6.13% from a day low at $168.25 to a day high of $178.56. The price has risen in 8 of the last 10 days and is up by 25.05% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 56 million shares were bought and sold for approximately $10.02 billion.

The last rating was given by Keybanc on Jan 11, 2023. The price target was changed from 230 to 220.Over the last 90 days, this security got 8 buy, 7 sell, and 1 hold ratings.

The stock lies in the middle of a very 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 16.29% during the next 3 months and, with a 90% probability hold a price between $170.90 and $222.96 at the end of this 3-month period.

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 $170.10 and $161.76. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, December 13, 2022, and so far it has fallen -1.29%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $157.21 and $155.63.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, NVIDIA finds support just below today's level at $157.21. If this is broken, then the next support from accumulated volume will be at $155.63 and $141.56.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $10.31 between high and low, or 6.13%. For the last week, the stock has had daily average volatility of 4.38%.

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.