NVIDIA stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session

The NVIDIA stock price gained 3.37% on the last trading day (Thursday, 3rd Oct 2024), rising from $118.85 to $122.85. During the last trading day the stock fluctuated 3.34% from a day low at $120.34 to a day high of $124.36. The price has risen in 7 of the last 10 days and is up by 4.22% 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, 64 million more shares were traded than the day before. In total, 273 million shares were bought and sold for approximately $33.49 billion.

On Sep 23, 2024, it was reported that Bernstein gave NVDA a "Outperform" grade with a "hold" action.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $128.00 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -2.98% during the next 3 months and, with a 90% probability hold a price between $93.54 and $124.19 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 $121.30 and $118.96. 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 Thursday, September 26, 2024, and so far it has fallen -0.96%. 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 $109.21 and $107.27.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 $109.21. If this is broken, then the next support from accumulated volume will be at $107.27 and $100.45.

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 $4.02 between high and low, or 3.34%. For the last week, the stock has had daily average volatility of 3.91%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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.