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The NVIDIA stock price gained 1.87% on the last trading day (Thursday, 29th Feb 2024), rising from $776.63 to $791.12. During the last trading day the stock fluctuated 2.09% from a day low at $783.50 to a day high of $799.90. The price has fallen in 6 of the last 10 days but is still up by 7.05% 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, 10 million more shares were traded than the day before. In total, 48 million shares were bought and sold for approximately $38.23 billion.
On Feb 29, 2024, it was reported that Tigress Financial gave NVDA a "Buy" grade with a "hold" action.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $797.50 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 80.99% during the next 3 months and, with a 90% probability hold a price between $1,273.88 and $1,443.38 at the end of this 3-month period.
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 $770.56 and $666.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 21, 2024, and so far it has risen 17.25%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
NVIDIA finds support from accumulated volume at $788.17 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 $16.40 between high and low, or 2.09%. For the last week, the stock has had daily average volatility of 3.28%.
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.