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

StockInvest.us, 3 days ago

NVIDIA

The NVIDIA stock price gained 3.58% on the last trading day (Wednesday, 15th May 2024), rising from $913.56 to $946.30. It has now gained 4 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 3.56% from a day low at $915.99 to a day high of $948.61. The price has risen in 7 of the last 10 days and is up by 13.96% 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, 12 million more shares were traded than the day before. In total, 41 million shares were bought and sold for approximately $39.17 billion.

On May 15, 2024, it was reported that KeyBanc gave NVDA a "Overweight" grade with a "hold" action.

The stock lies in the middle of a very wide and weak 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 9.12% during the next 3 months and, with a 90% probability hold a price between $824.41 and $1,090.46 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 $908.54 and $871.96. 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 Monday, March 25, 2024, and so far it has fallen -0.392%. 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 $875.28 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 $875.28. If this is broken, then the next support from accumulated volume will be at $785.38 and $762.00.

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 $32.62 between high and low, or 3.56%. For the last week, the stock has had daily average volatility of 3.01%.

NVIDIA holds several positive signals and is within a weak 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.

Check full NVIDIA forecast and analysis here.