NVIDIA stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.StockInvest.us, 3 months ago
The NVIDIA stock price gained 2.45% on the last trading day (Wednesday, 2nd Feb 2022), rising from $246.38 to $252.42. , and has now gained 5 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 day the stock fluctuated 5.15% from a day low at $245.53 to a day high of $258.17. The price has been going up and down for this period, and there has been a 0.7% 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, 3 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $13.53 billion.
On Jan 06, 2022 "Truist" gave "$389.00 - $350.00" rating for NVDA. The price target was set to $281.78+2.1%.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -21.14% during the next 3 months and, with a 90% probability hold a price between $169.24 and $220.34 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
A buy signal was issued from a pivot bottom point on Thursday, January 27, 2022, and so far it has risen 15.03%. 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. The NVIDIA stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $270.39. On a fall, the stock will find some support from the short-term average at $234.64. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $233.74 and $233.72.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 $233.74. If this is broken, then the next support from accumulated volume will be at $233.72 and $227.72.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $12.64 between high and low, or 5.15%. For the last week, the stock has had a daily average volatility of 6.95%.
NVIDIA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full NVIDIA forecast and analysis here.