Stronger technical forecast for NVIDIA stock price after Wednesday trading.

The NVIDIA stock price gained 1.67% on the last trading day (Wednesday, 14th Aug 2024), rising from $116.14 to $118.08. It has now gained 3 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 last trading day the stock fluctuated 3.97% from a day low at $114.07 to a day high of $118.60. The price has been going up and down for this period, and there has been a 0.91% 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, 29 million more shares were traded than the day before. In total, 335 million shares were bought and sold for approximately $39.57 billion.

On Aug 12, 2024, it was reported that UBS gave NVDA a "Buy" grade with a "hold" action.

The stock lies in the middle of a very wide and weak 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 3.37% during the next 3 months and, with a 90% probability hold a price between $102.62 and $143.09 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $108.02 and $117.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 19.38%. 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 $113.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $4.53 between high and low, or 3.97%. For the last week, the stock has had daily average volatility of 4.78%.

Several short-term signals, along with a general good trend, 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.