Strong day for NVIDIA stock price on Thursday rising 16.40% to $785.38

The NVIDIA stock price gained 16.40% on the last trading day (Thursday, 22nd Feb 2024), rising from $674.72 to $785.38. During the last trading day the stock fluctuated 5.87% from a day low at $742.20 to a day high of $785.75. The price has fallen in 6 of the last 10 days but is still up by 12.04% 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, 29 million more shares were traded than the day before. In total, 84 million shares were bought and sold for approximately $66.16 billion.

On Feb 22, 2024, it was reported that KeyBanc gave NVDA a "Overweight" grade with a "hold" action.

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 $764.24, a level that may pose a second chance to hit a runner. According to fan-theory $881.14 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $723.94 and $625.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 21, 2024, and so far it has risen 16.40%. Further rise is indicated until a new top pivot has been found. 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. 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 $694.52 and $693.32.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 $694.52. If this is broken, then the next support from accumulated volume will be at $693.32 and $682.23.

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 $43.55 between high and low, or 5.87%. For the last week, the stock has had daily average volatility of 4.17%.

NVIDIA holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.