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The NVIDIA stock price gained 8.47% on the last trading day (Monday, 21st Aug 2023), rising from $432.99 to $469.67. During the last trading day the stock fluctuated 6.43% from a day low at $442.22 to a day high of $470.65. The price has fallen in 7 of the last 10 days but is still up by 3.41% 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, 9 million more shares were traded than the day before. In total, 67 million shares were bought and sold for approximately $31.34 billion.
Tigress Financial is very positive about NVDA. The price target was set to 250 (Dec 09, 2022).
The stock lies in the middle of a very 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 21.66% during the next 3 months and, with a 90% probability hold a price between $478.48 and $620.60 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $436.63 and $444.54. A breakdown below any of these levels will issue sell signals. 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 Tuesday, July 18, 2023, and so far it has fallen -1.11%. Further fall is indicated until a new bottom pivot has been found. 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 $401.11 and $379.80.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 $401.11. If this is broken, then the next support from accumulated volume will be at $379.80 and $378.34.
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 $28.43 between high and low, or 6.43%. For the last week, the stock has had daily average volatility of 4.00%.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for NVIDIA 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.
Check full NVIDIA forecast and analysis here.