Evaluation of NVIDIA stock downgraded after the last trading session
StockInvest.us, 3 weeks ago
The NVIDIA stock price fell by -1.59% on the last day (Friday, 20th Sep 2024) from $117.87 to $116.00. During the last trading day the stock fluctuated 2.80% from a day low at $115.39 to a day high of $118.62. The price has been going up and down for this period, and there has been a 12.81% gain for the last 2 weeks. Volume has increased on the last day by 68 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, 354 million shares were bought and sold for approximately $41.03 billion.
On Sep 19, 2024, it was reported that Oppenheimer gave NVDA a "Outperform" grade with a "hold" 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 -8.22% during the next 3 months and, with a 90% probability hold a price between $85.68 and $115.53 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
The NVIDIA stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $116.84. On a fall, the stock will find some support from the long-term average at approximately $115.46. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, September 06, 2024, and so far it has risen 12.81%. 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. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $109.21 and $107.27.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 $109.21. If this is broken, then the next support from accumulated volume will be at $107.27 and $100.45.
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 $3.23 between high and low, or 2.80%. For the last week, the stock has had daily average volatility of 3.12%.
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.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.
Check full NVIDIA forecast and analysis here.