Weaker technical forecast for NVIDIA as stock downgraded to Hold/Accumulate.StockInvest.us, 3 months ago
The NVIDIA stock price gained 0.35% on the last trading day (Monday, 6th Jun 2022), rising from $187.20 to $187.86. During the day the stock fluctuated 4.16% from a day low at $185.64 to a day high of $193.37. The price has risen in 6 of the last 10 days and is up by 12.53% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 42 million shares were bought and sold for approximately $7.93 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.
The last rating was given by Baird on May 27, 2022. The price target was set to 188.11+5.38.Over the last 90 days, this security got 4 buy, 23 sell, and 0 hold ratings.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -31.13% during the next 3 months and, with a 90% probability hold a price between $102.78 and $147.59 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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 $186.64 and $185.58. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month 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 Thursday, June 02, 2022, and so far it has fallen -3.61%. Further fall is indicated until a new bottom pivot has been found.
NVIDIA finds support from accumulated volume at $178.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $7.73 between high and low, or 4.16%. For the last week, the stock has had a daily average volatility of 5.22%.
NVIDIA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full NVIDIA forecast and analysis here.