A very strong day for NVIDIA stock price on Tuesday

The NVIDIA stock price gained 5.29% on the last trading day (Tuesday, 17th May 2022), rising from $172.64 to $181.77. During the day the stock fluctuated 4.18% from a day low at $176.34 to a day high of $183.71. The price has fallen in 6 of the last 10 days and is down by -7.27% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 59 million shares were bought and sold for approximately $10.64 billion.

Morgan Stanley is very positive about NVDA and gave it a "" rating on May 03, 2022. The price target was set to 196.02+0.35.Over the last 90 days, this security got 5 buy, 4 sell, and 1 hold ratings.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -22.73% during the next 3 months and, with a 90% probability hold a price between $122.19 and $189.78 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Thursday, May 12, 2022, and so far it has risen 12.38%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NVIDIA stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $211.52. On a fall, the stock will find some support from the short-term average at $172.14. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

NVIDIA finds support from accumulated volume at $175.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $7.37 between high and low, or 4.18%. For the last week, the stock has had a daily average volatility of 6.24%.

NVIDIA holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.