NVIDA stock upgraded to Strong Buy Candidate

The NVIDA stock gained 3.37% in the last trading day (Monday, 12th Oct 2020), rising from $550.51 to $569.04. During the day the stock fluctuated 3.12% from a day low at $556.50 to a day high of $573.88. The price has risen in 7 of the last 10 days and is up by 9.14% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 11 million shares were bought and sold for approximately $6.16 billion.

On October 12, 2020 "Truist" gave "" rating for NVDA. The price target was set to $550.00 - $623.00.Over the last 30 days this security got 9 buy, 0 sell and 1 hold ratings.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 30.85% during the next 3 months and, with a 90% probability hold a price between $674.49 and $833.83 at the end of this 3-month period.

The NVIDA stock holds buy signals from both short and long-term moving averages. In addition, 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 $549.90 and $520.54. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months 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 sales signal was issued from a pivot top point on Wednesday September 02, 2020 , and it has fallen so far -0.84%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $514.89 and $507.34.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, NVIDA finds support just below today's level at $514.89. If this is broken, then the next support from accumulated volume will be at $507.34 and $504.90.

This stock have average movements during a day and with good trading volume the risk is considered as medium. During the last day, the stock moved $17.38 between high and low, or 3.12%. For the last week, the stock has had daily average volatility of 2.41%.

NVIDA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate candidate.