Evaluation of NVIDIA stock downgraded after the last trading session.

The NVIDIA stock price gained 0.367% on the last trading day (Tuesday, 23rd Jan 2024), rising from $596.54 to $598.73. It has now gained 4 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 2.26% from a day low at $585.85 to a day high of $599.10. The price has risen in 8 of the last 10 days and is up by 14.58% over the past 2 weeks. Volume fell on the last day by -16 million shares and in total, 29 million shares were bought and sold for approximately $17.42 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 Jan 19, 2024, it was reported that Raymond James gave NVDA a "Strong Buy" grade with a "hold" action.

The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $587.76, a level that may pose a second chance to hit a runner. According to fan-theory $658.74 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $576.10 and $506.31. 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 31.58%. 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 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.

On the downside, the stock finds support just below today's level from accumulated volume at $531.40 and $495.22.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 $531.40. If this is broken, then the next support from accumulated volume will be at $495.22 and $487.16.

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 $13.25 between high and low, or 2.26%. For the last week, the stock has had daily average volatility of 2.84%.

The NVIDIA stock is extremely overbought on RSI14 (92). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Several short-term signals, along with a general good trend, are positive and the stock has broken the rising trend up, which indicates an even stronger rate of rising. We can conclude that the current level may hold a buying opportunity as there is a fair chance for NVIDIA stock to perform well in the short-term period. Due to a possible false trend-break listing stock as pure buy candidate is held back.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.