Stronger technical forecast for NVIDIA stock price after Wednesday trading

The NVIDIA stock price gained 3.48% on the last trading day (Wednesday, 4th Dec 2024), rising from $140.27 to $145.14. It 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 last trading day the stock fluctuated 3.92% from a day low at $140.29 to a day high of $145.79. The price has risen in 6 of the last 10 days but is still down by -1.27% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 63 million more shares were traded than the day before. In total, 215 million shares were bought and sold for approximately $31.26 billion.

On Nov 22, 2024, it was reported that Jefferies gave NVDA a "Buy" 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 29.64% during the next 3 months and, with a 90% probability hold a price between $178.46 and $206.49 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, 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 $138.65 and $141.36. 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 Thursday, November 07, 2024, and so far it has fallen -2.51%. 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 $131.60 and $119.14.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 $131.60. If this is broken, then the next support from accumulated volume will be at $119.14 and $116.91.

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 $5.50 between high and low, or 3.92%. For the last week, the stock has had daily average volatility of 2.56%.

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 Sell to a Buy candidate.