Sign In
The NVIDIA stock price gained 7.20% on the last trading day (Wednesday, 1st Feb 2023), rising from $195.37 to $209.43. It has now gained 3 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 last trading day the stock fluctuated 8.06% from a day low at $196.11 to a day high of $211.92. The price has risen in 8 of the last 10 days and is up by 20.52% 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, 16 million more shares were traded than the day before. In total, 66 million shares were bought and sold for approximately $13.72 billion.
Truist Securities is very positive about NVDA and gave it a "$198.00 - $238.00" rating on Jan 23, 2023. The price target was changed from 198 to 238.Over the last 90 days, this security got 10 buy, 6 sell, and 1 hold ratings.
The stock has broken the very 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 $199.23, a level that may pose a second chance to hit a runner. According to fan-theory $245.20 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 $197.71 and $168.56. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 49.21%. 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 $191.93 and $180.72.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 $191.93. If this is broken, then the next support from accumulated volume will be at $180.72 and $157.21.
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 $15.81 between high and low, or 8.06%. For the last week, the stock has had daily average volatility of 5.61%.
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 Buy to a Strong Buy candidate.
Check full NVIDIA forecast and analysis here.