NVIDIA stock upgraded to Strong Buy Candidate.

StockInvest.us, 1 month ago

NVIDIA

The NVIDIA stock price gained 2.29% on the last trading day (Friday, 5th Jan 2024), rising from $479.98 to $490.97. During the last trading day the stock fluctuated 2.57% from a day low at $483.06 to a day high of $495.47. The price has risen in 6 of the last 10 days and is up by 2.05% 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, 10 million more shares were traded than the day before. In total, 41 million shares were bought and sold for approximately $20.04 billion.

On Dec 11, 2023, it was reported that Cowen & Co. 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 12.72% during the next 3 months and, with a 90% probability hold a price between $507.14 and $602.17 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 $487.56 and $482.78. 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 Monday, December 18, 2023, and so far it has fallen -1.96%. Further fall is indicated until a new bottom pivot has been found.

NVIDIA finds support from accumulated volume at $487.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $12.41 (2.57%) between high and low. For the last week, the stock has had daily average volatility of 2.52%.

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 Sell to a Strong Buy candidate.

Check full NVIDIA forecast and analysis here.