NVIDIA stock downgraded to Sell Candidate

The NVIDIA stock price gained 4.08% on the last trading day (Monday, 12th Aug 2024), rising from $104.75 to $109.02. During the last trading day the stock fluctuated 4.51% from a day low at $106.28 to a day high of $111.07. The price has fallen in 6 of the last 10 days and is down by -2.3% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 35 million more shares were traded than the day before. In total, 322 million shares were bought and sold for approximately $35.10 billion.

On Aug 12, 2024, it was reported that UBS gave NVDA a "Buy" grade with a "hold" action.

The stock lies in the middle of a very wide and weak 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 6.90% during the next 3 months and, with a 90% probability hold a price between $106.20 and $150.73 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 10.22%. 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 $118.26. On a fall, the stock will find some support from the short-term average at $104.23. 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 $107.27 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $4.79 between high and low, or 4.51%. For the last week, the stock has had daily average volatility of 6.62%.

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.