NVIDIA stock price ended on $413.87 on Friday after losing 1.7%StockInvest.us, 1 month ago
The NVIDIA stock price fell by -1.70% on the last day (Friday, 20th Oct 2023) from $421.01 to $413.87. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.39% from a day low at $410.78 to a day high of $424.70. The price has fallen in 6 of the last 10 days and is down by -9.56% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 46 million shares were bought and sold for approximately $19.20 billion.
On Oct 03, 2023, it was reported that Jefferies gave NVDA a "Hold" grade with a "upgrade" action.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $405.55 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -2.82% during the next 3 months and, with a 90% probability hold a price between $394.11 and $472.14 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $440.18 and $444.36. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, October 12, 2023, and so far it has fallen -11.84%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
NVIDIA finds support from accumulated volume at $410.17 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 $13.92 between high and low, or 3.39%. For the last week, the stock has had daily average volatility of 3.67%.
NVIDIA holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Check full NVIDIA forecast and analysis here.