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NVIDIA stock price up more than 5.95% on Monday

StockInvest.us, 1 month ago

NVIDIA

The NVIDIA stock price gained 5.95% on the last trading day (Monday, 29th Nov 2021), rising from $315.03 to $333.76. During the day the stock fluctuated 4.30% from a day low at $320.36 to a day high of $334.12. The price has been going up and down for this period, and there has been a 9.83% gain 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, 17 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately $14.88 billion.

On Nov 22, 2021 "BMO Capital Markets" gave "$250.00 - $375.00" rating for NVDA. The price target was changed from $328.97 to 0.3%.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $341.15 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 50.37% during the next 3 months and, with a 90% probability hold a price between $403.08 and $512.99 at the end of this 3-month period.

NVIDIA

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 $322.74 and $270.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 69.15%. 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 $316.75 and $298.01.There is 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 $316.75. If this is broken, then the next support from accumulated volume will be at $298.01 and $297.52.

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 $13.76 between high and low, or 4.30%. For the last week, the stock has had a daily average volatility of 5.65%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for NVIDIA stock to perform well in the short-term.

Check full NVIDIA forecast and analysis here.