Volatile ride for NVIDIA stock price on Thursday moving between $106.81 and $120.16

The NVIDIA stock price fell by -6.67% on the last day (Thursday, 1st Aug 2024) from $117.02 to $109.21. During the last trading day the stock fluctuated 12.50% from a day low at $106.81 to a day high of $120.16. The price has fallen in 7 of the last 10 days and is down by -9.81% for this period. Volume has increased on the last day by 50 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 507 million shares were bought and sold for approximately $55.41 billion.

On Jul 31, 2024, it was reported that Morgan Stanley gave NVDA a "Overweight" grade with a "hold" action.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $104.79 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 27.72% during the next 3 months and, with a 90% probability hold a price between $133.84 and $193.48 at the end of this 3-month period.

There are few to no technical positive signals at the moment. The NVIDIA stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $111.59 and $123.43. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -19.45%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

NVIDIA finds support from accumulated volume at $103.80 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 $13.35 between high and low, or 12.50%. For the last week, the stock has had daily average volatility of 7.41%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.