NVIDIA stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.StockInvest.us, 6 days ago
The NVIDIA stock price gained 0.56% on the last trading day (Monday, 10th Jan 2022), rising from $272.47 to $274.00. During the day the stock fluctuated 7.12% from a day low at $256.44 to a day high of $274.69. The price has fallen in 7 of the last 10 days and is down by -11.46% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 million more shares were traded than the day before. In total, 59 million shares were bought and sold for approximately $16.22 billion.
On Jan 06, 2022 "Truist" gave "$389.00 - $350.00" rating for NVDA. The price target was set to $281.78+2.1%.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $273.63 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 24.78% during the next 3 months and, with a 90% probability hold a price between $341.43 and $458.37 at the end of this 3-month period.
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. The NVIDIA stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $284.64 and $301.49. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, November 29, 2021, and so far it has fallen -17.91%. Further fall is indicated until a new bottom pivot has been found.
NVIDIA finds support from accumulated volume at $272.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $18.25 between high and low, or 7.12%. For the last week, the stock has had a daily average volatility of 6.31%.
The NVIDIA stock holds several negative signals and despite the positive trend, we believe NVIDIA will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full NVIDIA forecast and analysis here.