Nvidia (NVDA) shares will remain in the spotlight Thursday after 澳洲幸运5官方开奖结果体彩网:CEO Jensen Huang said during a CNBC interview late yesterday that demand for the company’s next generation Blackwell artificial intelligence (AI) chips is “insane.” The AI darling also announced an expanded partnership with IT consulting firm Accenture (ACN).

The chipmaker’s stock, which has gained 140% 🐽so far this year and helped fuel a broader rally in the S&P 500, continues to surpass Wall Street’s lofty expectations amid insatiable demand for its silicon as companies and governments invest heavily in AI infrastructure🐠 to power the technology.

The stock was up 1.4% at $120.50🌠 in premarket trading Thursday about two hours before the opening bell.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Nvidia’s ch𒊎art and identify important price levels to focus on.

Chart Indicates Further Bullish Momentum 

After topping out in late June, Nvidia shares have oscillated within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle, a chart pattern that indicates a period of 澳洲幸运5官方开奖结果体彩网:consolidation, typically followed by a new trending move in the direction of a breakout and longer-term trend, which in Nvidia’s case, signals further 𓄧bullish price momentum.

Indeed, If the stock moves above the triangle, with above-average 澳洲幸运5官方开奖结果体彩网:trading volume confirming the breakout, investors can determine two potential upside 澳洲幸运5官方开奖结果体彩网:price targets using the 澳洲幸运5官方开奖结果体彩网:measuring principle and a bars pattern.

Upside Price Targets

To forecast a price target using the measuring principle, we calculate the distance between the symmetrical triangle near its widest point and add that amount to the pattern’s top 澳洲幸运5官方开奖结果体彩网:trendline. For ex🍌ample, we add $55 to $125, which projects an upside target 🌜in the shares of $180.

We can also use a bars pattern, which analyzes a prior trending move to predict a future 澳洲幸运5官方开奖结果体彩网:directional move, assuming priꩵce patterns tend to rhyme. To use the technique on Nvidia’s chart, we extract the stock’s trend higher from January to March and reposition it from this week’s low. Doing so forecasts an upside target of about $210, around 77% above Wednesday’s closing price.

We selected this prior move as it followed an earlier symmetrical triangle, offering investors insight how a trend higher from t🔯he current pattern may potentially play out.

Key Breakdown Area to Monitor

Despite the bullish technicals on Nvidia’s chart it’s also worth keeping a key 澳洲幸运5官方开奖结果体彩网:breakdown area in mind give🐟n the stock’s history of sဣignificant price fluctuations.

That level sits around $97, a region likely to attract support near a trendline linking the twin March peaks with the upward sloping 200-day moving average.

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