Strong day for NVIDIA stock price on Monday rising 5.49% to $219.58StockInvest.us, 3 weeks ago
The NVIDIA stock price gained 5.49% on the last trading day (Monday, 23rd Aug 2021), rising from $208.16 to $219.58. , and has now gained 4 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 5.00% from a day low at $209.50 to a day high of $219.97. The price has been going up and down for this period, and there has been a 8.19% gain for the last 2 weeks. Volume fell on the last day by -11 million shares and in total, 55 million shares were bought and sold for approximately $12.17 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On August 20, 2021 "Benchmark" gave "$230.00" rating for NVDA. The price target was set to $200.76+1.4%.
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 20.81% during the next 3 months and, with a 90% probability hold a price between $239.00 and $275.69 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. 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 $201.73 and $198.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 16, 2021, and so far it has risen 20.91%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $197.98 and $186.57.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 $197.98. If this is broken, then the next support from accumulated volume will be at $186.57 and $186.39.
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 $10.47 (5.00%) between high and low. For the last week, the stock has had a daily average volatility of 4.97%.
NVIDIA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.Check full NVIDIA forecast and analysis here.