Green day on Thursday for NVIDIA

The NVIDIA stock price gained 1.21% on the last trading day (Thursday, 16th Nov 2023), rising from $488.88 to $494.80. During the last trading day the stock fluctuated 2.47% from a day low at $483.30 to a day high of $495.25. The price has risen in 9 of the last 10 days and is up by 13.73% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 33 million shares were bought and sold for approximately $16.30 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Nov 16, 2023, it was reported that Oppenheimer gave NVDA a "Outperform" grade with a "hold" action.

The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $496.25 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 $393.04 and $486.48 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. 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 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 $483.58 and $447.01. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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, November 14, 2023, and so far it has fallen -0.354%. Further fall is indicated until a new bottom pivot has been found.

NVIDIA finds support from accumulated volume at $471.63 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 $11.95 between high and low, or 2.47%. For the last week, the stock has had daily average volatility of 2.47%.

The NVIDIA stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

NVIDIA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.