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

The NVIDIA stock price gained 0.0998% on the last trading day (Thursday, 24th Aug 2023), rising from $471.16 to $471.63. During the last trading day the stock fluctuated 6.51% from a day low at $471.59 to a day high of $502.30. The price has been going up and down for this period, and there has been a 11.26% 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, 55 million more shares were traded than the day before. In total, 114 million shares were bought and sold for approximately $53.88 billion.

On Aug 24, 2023, it was reported that Scotiabank gave NVDA a "Sector Outperform" grade with a "initialise" 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 15.79% during the next 3 months and, with a 90% probability hold a price between $484.65 and $584.68 at the end of this 3-month period.

Mostly positive signals in the chart today. 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 $452.92 and $448.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, August 11, 2023, and so far it has risen 15.44%. 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 $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 $30.71 between high and low, or 6.51%. For the last week, the stock has had daily average volatility of 5.64%.

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.