In This Article:
Key Takeaways
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Shares in AI favorite Nvidia will remain in the spotlight on Tuesday after CEO Jensen Huang provided several important technology updates last night during his keynote address at the CES 2025 conference in Las Vegas.
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The stock broke out above the top trendline of a descending channel on Friday, with bullish momentum continuing into Monday’s trading session ahead of Huang’s address. The stock hit a record closing high on Monday and is gaining ground in premarket trading today.
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Investors should watch key overhead areas on Nvidia's chart around $150 and $225, while also monitoring major support levels near $140 and $130.
Shares in artificial Intelligence (AI) favorite Nvidia (NVDA) will remain in the spotlight on Tuesday after CEO Jensen Huang provided several important technology updates last night during his keynote address at the CES 2025 conference in Las Vegas.
During the highly anticipated event, Huang unveiled next generation AI-powered gaming chips, introduced technology that speeds up the training of robots, launched the chipmaker’s first desktop computer and announced a deal with Japanese automaker, Toyota (TM).
Nvidia is coming off another banner year during which insatiable demand for AI infrastructure helped drive its stock price up about 170%. Those gains followed a more than three-fold increase in 2023.
Nvidia shares, which hit a record closing high of $149.43 on Monday, were up another 2.5% in recent premarket trading and poised to hit an all-time intraday high today.
Below, we take a closer look at Nvidia’s chart and apply technical analysis to identify key price levels worth watching as investors react to Huang’s CES update.
Descending Channel Breakout, Trading Volumes in Focus
Nvidia shares broke out above the top trendline of a descending channel on Friday, with bullish momentum continuing into Monday’s trading session ahead of Huang’s presentation.
While the stock set a record closing high yesterday, the price closed significantly below its intraday peak to form a shooting star, a candlestick pattern that can signal a potential reversal.
Looking ahead, investors should watch for increasing trading volume, which would signal conviction behind recent buying. Although share turnover registered its highest level in more than a week on Monday, it remains below longer-term averages, suggesting that larger market participants remain on the sidelines.
Let’s identify several key overhead areas to watch on Nvidia's chart and also point out two major support levels that may come into focus during retracements.