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NVIDIA stock upgraded to Strong Buy Candidate.

StockInvest.us, 2 months ago

NVIDIA

The NVIDIA stock price gained 1.9529573353936% on the last trading day (Friday, 8th Dec 2023), rising from $465.96 to $475.06. During the last trading day the stock fluctuated 2.50% from a day low at $465.75 to a day high of $477.41. The price has been going up and down for this period, and there has been a -0.57% loss 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, 35 million shares were bought and sold for approximately $16.52 billion.

On Nov 22, 2023, it was reported that BMO Capital gave NVDA a "Buy" grade with a "hold" action.

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 10.82% during the next 3 months and, with a 90% probability hold a price between $473.43 and $570.14 at the end of this 3-month period.

NVIDIA

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 $464.59 and $459.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 06, 2023, and so far it has risen 4.40%. 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 $439.38 and $421.96.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 $439.38. If this is broken, then the next support from accumulated volume will be at $421.96 and $403.26.

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 $11.66 between high and low, or 2.50%. For the last week, the stock has had daily average volatility of 2.88%.

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.