Green day on Monday for NVIDIA

The NVIDIA stock price gained 4.35% on the last trading day (Monday, 19th Aug 2024), rising from $124.58 to $130.00. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 5.33% from a day low at $123.42 to a day high of $130.00. The price has risen in 8 of the last 10 days and is up by 29.42% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 20 million more shares were traded than the day before. In total, 318 million shares were bought and sold for approximately $41.38 billion.

On Aug 12, 2024, it was reported that UBS gave NVDA a "Buy" grade with a "hold" action.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $135.77 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect NVIDIA stock with a 90% probability to be traded between $99.15 and $136.05 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 stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $117.92 and $118.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 31.43%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $121.00 and $113.90.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 $121.00. If this is broken, then the next support from accumulated volume will be at $113.90 and $103.80.

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 $6.58 between high and low, or 5.33%. For the last week, the stock has had daily average volatility of 4.28%.

Since the NVIDIA has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Several short-term signals are positive and we 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.