Stronger technical forecast for NVIDIA stock price after Tuesday trading

The NVIDIA stock price gained 0.662% on the last trading day (Tuesday, 26th Nov 2024), rising from $136.02 to $136.92. During the last trading day the stock fluctuated 2.68% from a day low at $135.67 to a day high of $139.30. The price has fallen in 6 of the last 10 days and is down by -7.68% for this period. Volume fell on the last day by -120 million shares and in total, 183 million shares were bought and sold for approximately $25.01 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Oct 30, 2024, it was reported that Morgan Stanley gave NVDA a "Equal-Weight" grade with a "hold" action.

The stock has broken the wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $137.17. A reaction back to this level may hold a second chance to get out before further falls.

Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NVIDIA stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $142.09 and $140.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, November 07, 2024, and so far it has fallen -8.03%. 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 $117.59 and $116.91.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 $117.59. If this is broken, then the next support from accumulated volume will be at $116.91 and $108.00.

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 $3.63 between high and low, or 2.68%. For the last week, the stock has had daily average volatility of 4.70%.

The NVIDIA stock holds several negative signals and despite the positive trend, we believe NVIDIA will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.