Shares of AI investor favorite Nvidia (NVDA) are likely remain to remain the spotlight Tuesday after jumping to a 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 insatiable demand for its next-generation Blackwell GPU architecture.
Analysts covering the stock tracked by Visible Alpha have a consensus price target on the shares of $154.19, up from $152.41 a week ago and representing 7% upside from Monday’s closing price of $143.71.
Below, we break down the technicals on Nvidia’s weekly chart and identify important price levels that other investors will likely be watching.
After reaching a prior peak in mid-June, Nvidia shares traded within a symmetrical triangle before staging a decisive breakout above the pattern earlier this month.
It’s also worth pointing out, that although trading volumeremains below longer-term averages, the stock logged its highest …