Shares of AI investor favorite Nvidia (NVDA) are likely remain to remain the spotlight Tuesday after jumping to a 澳洲幸运5官方开奖结果体彩网:new record high yesterday.

The stock has nearly tripled since the start of the year, and most analysts believe there's further upside based on the company’s dominance of the AI chip market and 澳洲幸运5官方开奖结果体彩网:insatiable demand for its next-generation Blackwell GPU 𒉰architecture.

Analysts covering the stock tracked by Visible Alpha have a consensus 澳洲幸运5官方开奖结果体彩网:price target on the shares of $154.19, up from $152.41 a week ago and representi꧋ng 7% upside from Monday's closing price of $143.71.

Below, we break down the technicals on Nvidia’s 澳洲幸运5官方开奖结果体彩网:weekly chart and i෴dentify important price levels that other investors will likely be watching.

Bullish Price Momentum Continues

After reaching a prior peak in mid-June, Nvidia shares traded within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle before staging a decisive breakout above the pattern earlier this month.

It’s also worth pointing out, that although 澳洲幸运5官方开奖结果体彩网:trading volume remains below lꦉonger-term averages, the stock logged its highest share turnover last week since late September.

From a momentum standpoint, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) indicates bullish 澳洲幸运5官方开奖结果体彩网:price action and gives a reaꦆding belo🃏w overbought levels, suggesting the stock has ample room to move higher.

Looking ahead, let’s forecast a price target for the stock’s current uptrend and also locate several important levels on Nvidia’s chart that could attract buying interest during 澳洲幸运5官方开奖结果体彩网:retracements.

Bullish Price Target

To speculate where the stock’s current trend higher may be headed, we c🐼an use a bars pattern, a technique that studies earlier trends to forecast future directional moves. 

When applying the analysis to Nvidia’s chart, we’ll extract the trend higher♚ from April to June and reposition it from the start of the stock’s current move 🏅higher in early September. Such a technique indicates a potential upside target of around $180, about 25% above Monday’s closing price.

We selected this prior trend as it commenced with a gain ꦅof around 15% on the weekly chart, similar to how the stock’s current move high🅠er started.

Important Support Levels to Monitor

During periods of weakness, investors should initially keep their eyes peeled on the $125 level, a location on the chart where the shares may encounter support near the symmetrical triangle👍 pattern’s breakout area.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this level could see the shares decline to around $97. Investors may view this region as a buying opportunity, given its proximity to the March peak and 50-week moving average.

Finally, a bearish reversal in the stock may trigger a move down to the $76 level, where bargain hunters would likely look for 澳洲幸运5官方开奖结果体彩网:entry points around the mid-April pullback low.

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As of the date this article was written, the author does not own any of the above securities.