Green day on Tuesday for NVIDIA stock after gaining 2.13%StockInvest.us, 2 weeks ago
The NVIDIA stock price gained 2.13% on the last trading day (Tuesday, 14th Nov 2023), rising from $486.20 to $496.56. It has now gained 10 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 1.62% from a day low at $490.40 to a day high of $498.34. The price has risen in 10 of the last 10 days and is up by 21.77% 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, 3 million more shares were traded than the day before. In total, 41 million shares were bought and sold for approximately $20.27 billion.
On Oct 27, 2023, it was reported that Morgan Stanley gave NVDA a "Equal-Weight" grade with a "hold" action.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $480.75, a level that may pose a second chance to hit a runner. According to fan-theory $561.44 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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. 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 $474.06 and $443.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 23.14%. 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 $471.63 and $460.18.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 $471.63. If this is broken, then the next support from accumulated volume will be at $460.18 and $439.38.
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 $7.94 between high and low, or 1.62%. For the last week, the stock has had daily average volatility of 2.27%.
The NVIDIA stock is extremely overbought on RSI14 (84). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.Since the NVIDIA has been rising for 10 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 the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.Check full NVIDIA forecast and analysis here.