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The NVIDIA stock price gained 1.98% on the last trading day (Wednesday, 3rd Aug 2022), rising from $185.26 to $188.93. , and has now gained 7 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 day the stock fluctuated 4.58% from a day low at $181.37 to a day high of $189.68. The price has risen in 7 of the last 10 days and is up by 6.1% over the past 2 weeks. Volume fell on the last day by -7 million shares and in total, 42 million shares were bought and sold for approximately $7.89 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.
The last rating was given by Barclays on Jul 25, 2022. The price target was changed from 295 to 200.Over the last 90 days, this security got 1 buy, 27 sell, and 0 hold ratings.
The stockhas broken the very 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 $186.96, a level that may pose a second chance to hit a runner. According to fan-theory $232.85 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 $180.47 and $164.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 01, 2022, and so far it has risen 30.09%. 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 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.
On the downside, the stock finds support just below today's level from accumulated volume at $178.51 and $175.95.There is 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 $178.51. If this is broken, then the next support from accumulated volume will be at $175.95 and $169.75.
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 $8.31 between high and low, or 4.58%. For the last week, the stock has had a daily average volatility of 4.23%.
The NVIDIA stock is extremely overbought on RSI14 (77). 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 7 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.