Sign In
The NVIDIA stock price gained 6.43% on the last trading day (Monday, 8th Jan 2024), rising from $490.97 to $522.53. It 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 last trading day the stock fluctuated 5.65% from a day low at $494.79 to a day high of $522.75. The price has risen in 6 of the last 10 days and is up by 6.66% 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, 22 million more shares were traded than the day before. In total, 63 million shares were bought and sold for approximately $32.86 billion.
On Dec 11, 2023, it was reported that Cowen & Co. gave NVDA a "Buy" grade with a "hold" action.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $537.49 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 13.69% during the next 3 months and, with a 90% probability hold a price between $516.59 and $611.05 at the end of this 3-month period.
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 $491.61 and $483.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 06, 2023, and so far it has risen 14.83%. Further rise is indicated until a new top pivot has been found. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $495.22 and $487.16.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 $495.22. If this is broken, then the next support from accumulated volume will be at $487.16 and $439.38.
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 $27.96 (5.65%) between high and low. For the last week, the stock has had daily average volatility of 3.14%.
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.
Check full NVIDIA forecast and analysis here.