Weaker technical forecast for NVIDIA as stock downgraded to Buy Candidate.

The NVIDIA stock price fell by -3.12% on the last day (Monday, 22nd Nov 2021) from $329.85 to $319.56. During the day the stock fluctuated 8.61% from a day low at $319.00 to a day high of $346.47. The price has fallen in 5 of the last 10 days, but is still up by 3.74% over the past 2 weeks. Volume has increased on the last day by 20 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, 72 million shares were bought and sold for approximately $23.14 billion.

On Nov 22, 2021 "BMO Capital Markets" gave "$250.00 - $375.00" rating for NVDA. The price target was changed from $328.97 to 0.3%.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $331.28 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 38.14% during the next 3 months and, with a 90% probability hold a price between $341.68 and $457.63 at the end of this 3-month period.

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, November 19, 2021, and so far it has fallen -3.12%. 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. 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 $309.28 and $257.15. A breakdown below any of these levels will issue sell signals.

NVIDIA finds support from accumulated volume at $316.75 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 $27.47 between high and low, or 8.61%. For the last week, the stock has had a daily average volatility of 5.03%.

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