Green day on Monday for NVIDIA stock after gaining 1.88%

StockInvest.us, 1 week ago

NVIDIA

The NVIDIA stock price gained 1.88% on the last trading day (Monday, 8th Jul 2024), rising from $125.83 to $128.20. During the last trading day the stock fluctuated 2.94% from a day low at $127.04 to a day high of $130.77. The price has been going up and down for this period, and there has been a 1.29% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 21 million more shares were traded than the day before. In total, 232 million shares were bought and sold for approximately $29.75 billion.

On Jul 08, 2024, it was reported that UBS gave NVDA a "Buy" grade with a "hold" action.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 64.08% during the next 3 months and, with a 90% probability hold a price between $202.08 and $240.98 at the end of this 3-month period.

NVIDIA

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 $125.26 and $117.93. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -5.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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 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 $3.73 between high and low, or 2.94%. For the last week, the stock has had daily average volatility of 3.64%.

Several short-term signals, along with a general good trend, 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.

Check full NVIDIA forecast and analysis here.