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The NVIDIA stock price gained 1.96% on the last trading day (Tuesday, 31st Jan 2023), rising from $191.62 to $195.37. During the last trading day the stock fluctuated 3.89% from a day low at $189.50 to a day high of $196.87. The price has risen in 7 of the last 10 days and is up by 10.37% 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, 558 thousand more shares were traded than the day before. In total, 49 million shares were bought and sold for approximately $9.62 billion.
Truist Securities is very positive about NVDA and gave it a "$198.00 - $238.00" rating on Jan 23, 2023. The price target was changed from 198 to 238.Over the last 90 days, this security got 10 buy, 6 sell, and 1 hold ratings.
The stock lies in the upper part of a very 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 $204.71 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 18.83% during the next 3 months and, with a 90% probability hold a price between $180.25 and $243.26 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 $195.21 and $167.44. 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 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 Friday, January 27, 2023, and so far it has fallen -4.07%. Further fall is indicated until a new bottom pivot has been found.
NVIDIA finds support from accumulated volume at $191.93 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $7.37 between high and low, or 3.89%. For the last week, the stock has had daily average volatility of 4.84%.
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.