Evaluation of NVIDIA stock downgraded after the last trading session

The NVIDIA stock price fell by -1.92% on the last day (Wednesday, 18th Sep 2024) from $115.59 to $113.37. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.96% from a day low at $113.22 to a day high of $117.70. The price has been going up and down for this period, and there has been a 6.74% gain for the last 2 weeks. Volume has increased on the last day by 73 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 301 million shares were bought and sold for approximately $34.15 billion.

On Sep 18, 2024, it was reported that William Blair gave NVDA a "Outperform" grade with a "initialise" action.

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 -9.04% during the next 3 months and, with a 90% probability hold a price between $84.66 and $114.40 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Friday, September 06, 2024, and so far it has risen 10.25%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NVIDIA stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $115.57 and $115.24. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

NVIDIA finds support from accumulated volume at $109.21 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 $4.48 between high and low, or 3.96%. For the last week, the stock has had daily average volatility of 3.49%.

NVIDIA holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.