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The NVIDIA stock price gained 3.18% on the last trading day (Wednesday, 6th Mar 2024), rising from $859.64 to $887.00. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.10% from a day low at $870.30 to a day high of $897.24. The price has risen in 8 of the last 10 days and is up by 31.46% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 57 million shares were bought and sold for approximately $50.92 billion.
On Feb 29, 2024, it was reported that Tigress Financial gave NVDA a "Buy" grade with a "hold" action.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $832.47, a level that may pose a second chance to hit a runner. According to fan-theory $923.45 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $825.22 and $701.76. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 21, 2024, and so far it has risen 31.46%. Further rise is indicated until a new top pivot has been found. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $788.17 and $785.38.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 $788.17. If this is broken, then the next support from accumulated volume will be at $785.38 and $694.52.
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 $26.94 between high and low, or 3.10%. For the last week, the stock has had daily average volatility of 3.35%.
NVIDIA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full NVIDIA forecast and analysis here.