Stronger technical forecast for NVIDIA stock price after Wednesday trading.StockInvest.us, 1 month ago
The NVIDIA stock price gained 2.32% on the last trading day (Wednesday, 4th Aug 2021), rising from $198.15 to $202.74. , and has now gained 4 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 day the stock fluctuated 2.47% from a day low at $198.28 to a day high of $203.18. The price has risen in 6 of the last 10 days and is up by 4.45% over the past 2 weeks. Volume fell on the last day by -7 million shares and in total, 23 million shares were bought and sold for approximately $4.66 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 August 04, 2021 "Rosenblatt Securities" gave "$200.00 - $250.00" rating for NVDA. The price target was set to $198.15+0.3%.Over the last 30 days, this security got 4 buy, 0 sell, and 0 hold ratings.
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 41% during the next 3 months and, with a 90% probability hold a price between $275.46 and $323.17 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 $196.73 and $194.90. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Tuesday, July 06, 2021, and so far it has fallen -2.05%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $187.80 and $186.57.There is 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 $187.80. If this is broken, then the next support from accumulated volume will be at $186.57 and $186.39.
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 $4.90 between high and low, or 2.47%. For the last week, the stock has had a daily average volatility of 3.08%.
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.