Stronger technical forecast for NVIDIA stock price after Thursday trading

The NVIDIA stock price gained 2.99% on the last trading day (Thursday, 2nd Jan 2025), rising from $134.29 to $138.31. During the last trading day the stock fluctuated 3.16% from a day low at $134.63 to a day high of $138.88. The price has risen in 6 of the last 10 days and is up by 6.07% 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, 37 million more shares were traded than the day before. In total, 192 million shares were bought and sold for approximately $26.50 billion.

On Nov 22, 2024, it was reported that Jefferies gave NVDA a "Buy" grade with a "hold" action.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect NVIDIA stock with a 90% probability to be traded between $131.20 and $152.51 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners.

A buy signal was issued from a pivot bottom point on Wednesday, December 18, 2024, and so far it has risen 7.29%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NVIDIA stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $139.18. On a fall, the stock will find some support from the short-term average at $138.13. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

NVIDIA finds support from accumulated volume at $136.93 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $4.25 between high and low, or 3.16%. For the last week, the stock has had daily average volatility of 3.29%.

Several short-term signals 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.