NVIDIA stock upgraded to Strong Buy Candidate.StockInvest.us, 3 weeks ago
The NVIDIA stock price gained 1.93% on the last trading day (Wednesday, 25th Aug 2021), rising from $217.93 to $222.13. During the day the stock fluctuated 3.44% from a day low at $217.22 to a day high of $224.70. The price has risen in 6 of the last 10 days and is up by 12.76% 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, 5 million more shares were traded than the day before. In total, 35 million shares were bought and sold for approximately $7.69 billion.
On August 20, 2021 "Benchmark" gave "$230.00" rating for NVDA. The price target was set to $200.76+1.4%.
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 20.15% during the next 3 months and, with a 90% probability hold a price between $238.70 and $275.05 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 $207.25 and $199.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 16, 2021, and so far it has risen 22.31%. 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 months Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $197.98 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 $197.98. If this is broken, then the next support from accumulated volume will be at $186.57 and $186.39.
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 $7.48 between high and low, or 3.44%. For the last week, the stock has had a daily average volatility of 4.86%.
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.Check full NVIDIA forecast and analysis here.