NVIDIA stock downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.
StockInvest.us, 2 months ago
The NVIDIA stock price gained 1.33% on the last trading day (Wednesday, 27th Sep 2023), rising from $419.11 to $424.68. During the last trading day the stock fluctuated 2.99% from a day low at $416.29 to a day high of $428.72. The price has been going up and down for this period, and there has been a -6.63% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 43 million shares were bought and sold for approximately $18.27 billion.
On Aug 24, 2023, it was reported that Scotiabank gave NVDA a "Sector Outperform" grade with a "initialise" action.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $410.86 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 2.22% during the next 3 months and, with a 90% probability hold a price between $419.98 and $507.66 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Thursday, September 21, 2023, and so far it has risen 3.54%. Further rise is indicated until a new top pivot has been found. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $448.77. On a fall, the stock will find some support from the short-term average at $421.41. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
NVIDIA finds support from accumulated volume at $423.02 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 $12.43 between high and low, or 2.99%. For the last week, the stock has had daily average volatility of 2.79%.
NVIDIA holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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.
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