Nvidia Stock Price and Forecast: Why did NVDA stock fall 3%?
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 60% OFF!
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- Nvidia stock finally has a down day after all-time highs.
- NVDA stock still set more all-time highs on Monday.
- NVDA stock is still up enormously for the year so far.
Nvidia (NVDA) put in a fairly sharp drop on Monday as most markets turned lower on the news of Fed Chair Powell being reappointed. While Powell is not as doveish as Brainard, he still has presided over possibly the loosest period in US central bank history, so this latest drop was merely a case of "buy the rumour, sell the fact" as small lingering hopes over Brainard caused some selling. Nvidia is one of the high-flying stocks of 2021, and so it took a disproportionate hit as investors cashed in.
Nvidia (NVDA) stock price and news
After the set of strong results, news flow has died down a bit on this one. We do note some directors are selling now that the company earnings are out of the way, but it is nothing too alarming. The bigger transaction is a sale of 10,000 shares by one of the directors. The semiconductor sector though remains along with EVs possibly the hottest sector of the year, and we do not see much changing heading into early 2022. NVDA has already upped guidance for the next quarter, so that should continue the recent strong momentum. While we did note that revenue growth rates were slowing, they are slowing from a high level.
Nvidia (NVDA) stock forecast
The short-term 30 minute chart there offers huge support for short-term traders at $301. This is the recent point of control, and there is a huge volume profile at this level. Breaking $295 sees volume thin out alarmingly, meaning a quick move to $250 could be in the cards if broken.
The daily chart below shows the powerful move is still holding, but have some caution from the stochastic crossover yesterday. This with a divergence from the RSI does give us some concern going forward. Above $313 though, NVDA remains strongly bullish.
NVDA daily chart
- Nvidia stock finally has a down day after all-time highs.
- NVDA stock still set more all-time highs on Monday.
- NVDA stock is still up enormously for the year so far.
Nvidia (NVDA) put in a fairly sharp drop on Monday as most markets turned lower on the news of Fed Chair Powell being reappointed. While Powell is not as doveish as Brainard, he still has presided over possibly the loosest period in US central bank history, so this latest drop was merely a case of "buy the rumour, sell the fact" as small lingering hopes over Brainard caused some selling. Nvidia is one of the high-flying stocks of 2021, and so it took a disproportionate hit as investors cashed in.
Nvidia (NVDA) stock price and news
After the set of strong results, news flow has died down a bit on this one. We do note some directors are selling now that the company earnings are out of the way, but it is nothing too alarming. The bigger transaction is a sale of 10,000 shares by one of the directors. The semiconductor sector though remains along with EVs possibly the hottest sector of the year, and we do not see much changing heading into early 2022. NVDA has already upped guidance for the next quarter, so that should continue the recent strong momentum. While we did note that revenue growth rates were slowing, they are slowing from a high level.
Nvidia (NVDA) stock forecast
The short-term 30 minute chart there offers huge support for short-term traders at $301. This is the recent point of control, and there is a huge volume profile at this level. Breaking $295 sees volume thin out alarmingly, meaning a quick move to $250 could be in the cards if broken.
The daily chart below shows the powerful move is still holding, but have some caution from the stochastic crossover yesterday. This with a divergence from the RSI does give us some concern going forward. Above $313 though, NVDA remains strongly bullish.
NVDA daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.