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

The NVIDIA stock price gained 4.07% on the last trading day (Wednesday, 6th Nov 2024), rising from $139.91 to $145.61. 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 3.19% from a day low at $141.96 to a day high of $146.49. The price has risen in 7 of the last 10 days and is up by 4.34% 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, 80 million more shares were traded than the day before. In total, 232 million shares were bought and sold for approximately $33.85 billion.

On Oct 30, 2024, it was reported that Morgan Stanley gave NVDA a "Equal-Weight" grade with a "hold" action.

The stock lies in the middle of a very 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 23.59% during the next 3 months and, with a 90% probability hold a price between $151.82 and $192.88 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 $138.62 and $131.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, September 06, 2024, and so far it has risen 41.60%. 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 $131.60 and $117.59.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 $131.60. If this is broken, then the next support from accumulated volume will be at $117.59 and $116.91.

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 $4.53 between high and low, or 3.19%. For the last week, the stock has had daily average volatility of 2.82%.

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.