NVIDIA stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.

The NVIDIA stock price gained 0.99% on the last trading day (Thursday, 27th Jul 2023), rising from $454.52 to $459.00. During the last trading day the stock fluctuated 3.59% from a day low at $457.50 to a day high of $473.94. The price has been going up and down for this period, and there has been a -0.17% 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, 9 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately $20.60 billion.

Tigress Financial is very positive about NVDA. The price target was set to 250 (Dec 09, 2022).

The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $449.54 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 69.58% during the next 3 months and, with a 90% probability hold a price between $762.34 and $845.22 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 $455.07 and $429.77. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, July 18, 2023, and so far it has fallen -3.36%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $401.11 and $379.80.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 $401.11. If this is broken, then the next support from accumulated volume will be at $379.80 and $378.34.

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 $16.44 between high and low, or 3.59%. For the last week, the stock has had daily average volatility of 3.16%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.