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The NVIDIA stock price gained 0.90% on the last trading day (Wednesday, 13th Dec 2023), rising from $476.57 to $480.88. During the last trading day the stock fluctuated 2.06% from a day low at $476.12 to a day high of $485.94. The price has been going up and down for this period, and there has been a -0.11% 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, 7 million more shares were traded than the day before. In total, 43 million shares were bought and sold for approximately $20.85 billion.
On Dec 11, 2023, it was reported that Cowen & Co. gave NVDA a "Buy" grade with a "hold" action.
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 12.27% during the next 3 months and, with a 90% probability hold a price between $486.06 and $582.10 at the end of this 3-month period.
The NVIDIA stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $469.35 and $463.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 06, 2023, and so far it has risen 5.68%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $439.38 and $421.96.There is a 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, NVIDIA finds support just below today's level at $439.38. If this is broken, then the next support from accumulated volume will be at $421.96 and $403.26.
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 $9.82 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 2.81%.
NVIDIA 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.
Check full NVIDIA forecast and analysis here.