As we cannot be certain with regards to the size of the reaction, we urge caution. Since the NVIDIA has been rising for 8 days in a row, the risk over the next couple of days has increased. For the last week, the stock has had daily average volatility of 5.07%. During the last day, the stock moved $6.36 between high and low, or 5.02%.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. NVIDIA finds support from accumulated volume at $131.31 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested. This causes a divergence between volume and price and it may be an early warning. Volume fell during the last trading day despite gaining prices. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Further rise is indicated until a new top pivot has been found. A buy signal was issued from a pivot bottom point on Friday, October 14, 2022, and so far it has risen 18.12%. A breakdown below any of these levels will issue sell signals.
On corrections down, there will be some support from the lines at $123.47 and $126.88. 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.
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