Evaluation of NVIDIA stock downgraded after the last trading session

The NVIDIA stock price fell by -3.00% on the last day (Friday, 10th Jan 2025) from $140.11 to $135.91. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.57% from a day low at $134.22 to a day high of $137.68. The price has fallen in 6 of the last 10 days and is down by -3.07% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -14 million shares and in total, 205 million shares were bought and sold for approximately $27.84 billion.

On Jan 09, 2025, it was reported that Oppenheimer gave NVDA a "Outperform" grade with a "hold" action.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect NVIDIA stock with a 90% probability to be traded between $126.66 and $147.27 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $140.38 and $138.80. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, January 06, 2025, and so far it has fallen -9.05%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

NVIDIA finds support from accumulated volume at $134.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.46 between high and low, or 2.57%. For the last week, the stock has had daily average volatility of 4.59%.

NVIDIA holds several negative signals and is within a 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 Hold/Accumulate to a Sell candidate.