Strong day for NVIDIA stock price on Thursday rising 6.46% to $171.24

The NVIDIA stock price gained 6.46% on the last trading day (Thursday, 8th Dec 2022), rising from $160.84 to $171.24. 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 7.36% from a day low at $159.59 to a day high of $171.34. The price has fallen in 6 of the last 10 days but is still up by 3.74% 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, 42 million shares were bought and sold for approximately $7.22 billion.

Needham is very positive about NVDA and gave it a "$155.00 - $200.00" rating on Nov 17, 2022. The price target was changed from 155 to 200.Over the last 90 days, this security got 6 buy, 10 sell, and 1 hold ratings.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $175.69 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 33.69% during the next 3 months and, with a 90% probability hold a price between $185.79 and $234.87 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 $166.19 and $149.91. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, December 01, 2022, and so far it has fallen -0.544%. Further fall is indicated until a new bottom pivot has been found. 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 $132.61 and $131.76.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 $132.61. If this is broken, then the next support from accumulated volume will be at $131.76 and $131.31.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $11.75 between high and low, or 7.36%. For the last week, the stock has had daily average volatility of 4.28%.

Several short-term signals, along with a general good trend, are positive and 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.