Stronger technical forecast for NVIDIA stock price after Thursday trading.

StockInvest.us, 1 month ago

NVIDIA

The NVIDIA stock price gained 3.32% on the last trading day (Thursday, 1st Dec 2022), rising from $166.64 to $172.17. 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 3.79% from a day low at $166.35 to a day high of $172.65. The price has fallen in 6 of the last 10 days but is still up by 8.11% 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, 923 thousand more shares were traded than the day before. In total, 39 million shares were bought and sold for approximately $6.76 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 7 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 $175.76 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 23.47% during the next 3 months and, with a 90% probability hold a price between $160.58 and $217.02 at the end of this 3-month period.

NVIDIA

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 $162.82 and $143.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 14, 2022, and so far it has risen 53.36%. 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 $136.47 and $132.61.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 $136.47. If this is broken, then the next support from accumulated volume will be at $132.61 and $131.76.

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 $6.30 between high and low, or 3.79%. For the last week, the stock has had daily average volatility of 3.81%.

NVIDIA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". 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.

Check full NVIDIA forecast and analysis here.