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The NVIDIA stock price gained 6.36% on the last trading day (Wednesday, 9th Feb 2022), rising from $251.08 to $267.05. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 5.41% from a day low at $253.53 to a day high of $267.25. The price has risen in 8 of the last 10 days and is up by 17.27% 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, 11 million more shares were traded than the day before. In total, 52 million shares were bought and sold for approximately $13.88 billion.
On Jan 06, 2022 "Truist" gave "$389.00 - $350.00" rating for NVDA. The price target was set to $281.78+2.1%.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $263.46, a level that may pose a second chance to hit a runner. According to fan-theory $320.13 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, 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 $249.55 and $265.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 27, 2022, and so far it has risen 21.70%. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $233.74 and $233.72.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 $233.74. If this is broken, then the next support from accumulated volume will be at $233.72 and $227.72.
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 $13.72 between high and low, or 5.41%. For the last week, the stock has had a daily average volatility of 4.87%.
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Check full NVIDIA forecast and analysis here.