Stronger technical forecast for NVIDIA stock price after Tuesday trading.

The NVIDIA stock price gained 2.48% on the last trading day (Tuesday, 9th Jul 2024), rising from $128.20 to $131.38. During the last trading day the stock fluctuated 4.01% from a day low at $128.66 to a day high of $133.82. The price has risen in 6 of the last 10 days and is up by 11.24% 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, 48 million more shares were traded than the day before. In total, 280 million shares were bought and sold for approximately $36.77 billion.

On Jul 09, 2024, it was reported that KeyBanc gave NVDA a "Overweight" grade with a "hold" 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 64.58% during the next 3 months and, with a 90% probability hold a price between $204.82 and $243.50 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 $126.31 and $118.99. 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 Tuesday, June 18, 2024, and so far it has fallen -3.10%. 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 $121.00 and $113.90.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 $121.00. If this is broken, then the next support from accumulated volume will be at $113.90 and $103.80.

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 $5.16 between high and low, or 4.01%. For the last week, the stock has had daily average volatility of 3.43%.

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.