NVIDIA stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session.StockInvest.us, 3 months ago
The NVIDIA stock price gained 3.98% on the last trading day (Thursday, 19th Aug 2021), rising from $190.40 to $197.98. During the day the stock fluctuated 9.24% from a day low at $187.62 to a day high of $204.95. The price has fallen in 7 of the last 10 days and is down by -4.07% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 50 million more shares were traded than the day before. In total, 76 million shares were bought and sold for approximately $15.10 billion.
On August 12, 2021 "Evercore ISI" gave "$187.50 - $250.00" rating for NVDA. The price target was set to $198.80+0.9%.
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 22.63% during the next 3 months and, with a 90% probability hold a price between $230.87 and $280.08 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $197.20 and $197.62. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months 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 06, 2021, and so far it has fallen -4.35%. 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 $187.80 and $186.57.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 $187.80. If this is broken, then the next support from accumulated volume will be at $186.57 and $186.39.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $17.33 (9.24%) between high and low. For the last week, the stock has had a daily average volatility of 4.26%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.Check full NVIDIA forecast and analysis here.