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The NVIDIA stock price gained 8.25% on the last trading day (Thursday, 18th Nov 2021), rising from $292.61 to $316.75. During the day the stock fluctuated 4.59% from a day low at $313.21 to a day high of $327.60. The price has fallen in 5 of the last 10 days, but is still up by 6.29% 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, 39 million more shares were traded than the day before. In total, 78 million shares were bought and sold for approximately $24.60 billion.
On Nov 18, 2021 "Bank of America" gave "$340.00 - $375.00" rating for NVDA. The price target was set to $316.95+8.3%.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $296.31, a level that may pose a second chance to hit a runner. According to fan-theory $353.03 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Mostly positive signals in the chart today. 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 $302.00 and $250.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 60.53%. Further rise is indicated until a new top pivot has been found. 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.
NVIDIA finds support from accumulated volume at $303.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $14.39 between high and low, or 4.59%. For the last week, the stock has had a daily average volatility of 4.23%.
The NVIDIA stock is extremely overbought on RSI14 (77). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Check full NVIDIA forecast and analysis here.