Stronger technical forecast for NVIDIA stock price after Tuesday trading.

The NVIDIA stock price gained 4.16% on the last trading day (Tuesday, 29th Aug 2023), rising from $468.35 to $487.84. During the last trading day the stock fluctuated 5.80% from a day low at $463.91 to a day high of $490.81. The price has been going up and down for this period, and there has been a 11.02% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 70 million shares were bought and sold for approximately $33.98 billion.

On Aug 24, 2023, it was reported that Scotiabank gave NVDA a "Sector Outperform" grade with a "initialise" action.

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 15.78% during the next 3 months and, with a 90% probability hold a price between $488.28 and $588.05 at the end of this 3-month period.

Mostly positive signals in the chart today. 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 $469.36 and $452.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, August 11, 2023, and so far it has risen 19.41%. 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.

NVIDIA finds support from accumulated volume at $471.63 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 $26.90 between high and low, or 5.80%. For the last week, the stock has had daily average volatility of 5.51%.

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.