NVIDIA Stock Price Prediction: Will NVDA Maintain Recovery?

NVIDIA stock price has been on a roller-coaster ride inside an interesting increasing pattern.
NVIDIA share price increased 0.72% during Friday’s trading session with an opening price of $259.82 and a closing price of $257.25.
NVIDIA share price is trading above the 20, 50, 100, and 200-Day EMAs.

NVIDIA stock price was at $257.27 with an increase of 0.72% in Friday’s trading session. The trading volume rose above the average during Friday’s trading session. The increase in volume shows the positive market sentiment towards the NVDA stock. The formation of the bearish inverted hammer candlestick pattern in the last trading session indicates the selling pressure in the market.

Nvidia stock price after making its new 52-week low in October 2022 the stock again started rising in a rising wedge pattern as can be seen over the daily time frame chart. A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. When it is accompanied by declining volume, it can signal a trend reversal and a continuation of the bear market.

The formation of the inverted hammer candlestick pattern after an uptrend indicates the accumulation of selling pressure in the market. And the sudden increase in the selling volume which is above the average volume tick marks all the necessary conditions required for the start of a bearish trend. If the Nvidia stock price breakout from its rising wedge chart pattern from below then it may start its declining streak. If this happens in the market then the sellers may try to dominate the market by pushing the stock price below its major resistance. This may mark the start of the bear market for the Nvidia stock price.

More About NVIDIA Corporation (NASDAQ: NVDA):

NVIDIA Corporation, a technology company based in Santa Clara, California, provides a range of solutions including graphics, computing, and networking products for customers worldwide. The Graphics segment of the company offers GeForce GPUs for gaming and PCs, solutions for gaming platforms, Quadro/NVIDIA RTX GPUs for enterprise workstation graphics, automotive platforms for infotainment systems, and Omniverse software for building 3D designs and virtual worlds. The Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing, cryptocurrency mining processors, Jetson for robotics, and other embedded platforms.

The company sells its products to various participants in the ecosystem including original equipment manufacturers, system builders, retailers/distributors, and other independent software vendors. NVIDIA has established partnerships with Kroger Co. and other major organizations in the industry.

NVIDIA Corporation (NASDAQ: NVDA) Stock Price Technical Analysis:

According to technical indicators, Nvidia stock price may show an upward movement. RSI is increasing in the overbought zone and is showing a positive crossover which indicates that the buyers are accumulating and pushing NVDA upwards.

Essentially, the present bullish influence is strong. The current value of RSI is 68.32 which is above the average RSI value of 61.52. The MACD and the signal line are on the rise and showing a positive crossover over the daily chart which supports the RSI claims.

Summary

NVIDIA stock price was at $257.27 with an increase of 0.72% in Friday’s trading session. The trading volume rose above the average during Friday’s trading session. NVIDIA stock price has been on a roller-coaster ride inside an interesting increasing pattern. Nvidia stock price after making its new 52-week low in October 2022 the stock again started rising in a rising wedge pattern. The formation of the inverted hammer candlestick pattern after an uptrend indicates the accumulation of selling pressure in the market. Both RSI and MACD are increasing and have shown a positive crossover over the daily time frame chart showing strength in the current bullish trend, as per the technical indicators.

Technical Levels

Resistance Levels: $277.27 and $263.69

Support Levels: $233.41 and $229.43

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing