It's still up more than 1% for the week and will finish higher for the third consecutive week.
Helping drive the stock's current rally was the company’s GTC event, where a keynote presentation from CEO Jensen Huang helped unleash a flood of buying among investors and drove the stock to new all-time highs.
Nvidia has drawn the praise of analysts too. For instance, Raymond James analysts recently raised their price target to $750 from $700 as they eye a rebound in enterprise spending and Nvidia’s new chip.
We have done well with Nvidia's technicals, too.
In March, I analyzed the stock as it probed for a bottom. Then earlier this month, the stock gave bulls a monthly-up rotation, setting the stage for an explosive rally over the prior 52-week highs near $615.
Look at the way Nvidia stock faked out investors by breaking below the 200-day moving average, but skillfully holding the 50-week moving average in early March.
After that, shares exploded higher, surging through $590 resistance earlier this week, then pushing through the previous high. Since then, Nvidia stock has only built on that momentum.
From here, bulls should not necessarily rule out a continuation higher. While we’ve seen a big move in a short period of time, Nvidia also gave us a multi-quarter consolidation phase. So the move could last much longer than some currently expect.
On the upside, a move up through $650 has to put the 161.8% extension on traders’ radar up near $663. Above that opens the door to the $700 level and the two-times extension just above that.
On the downside, I would really like to see $615 act as support, along with the 10-day moving average. If both measures fail, bulls need to see the $590 level act as support. If it doesn’t, this stock will lose all of its short-term momentum.
Ultimately, traders may consider using a longer term price target of $750 to $780 if Nvidia can maintain its bullish momentum. The latter end of that range comes into play near the 261.8% extension.