CoreWeave (CRWV) shares soared last week after the AI cloud provider posted a surge in quarterly revenue and disclosed that Nvidia (NVDA) has 𝓀a♈ higher stake in the company than investors had anticipated.

CoreWeave, which went public in late March, reported Wednesday that first♎-quarter revenue grew ☂over 400% year-over-year and said via a regulatory filing on Thursday that major partner Nvidia holds a 7% stake in the company, up from its pre-澳洲幸运5官方开奖结果体彩网:initial public offering holdings of roughly 5%.

The company also said last week that it had agreed to a four-year deal with ChatGPT maker OpenAI worth up to $4 billion, 🔥adding to a nearly $12 billion commitment ꦑannounced in March.

CoreWeave shares have more than doubled from their 澳洲幸运5官方开奖结果体彩网:$40 IPO price, boosted by last week’s news and investor appetite for up-and-coming 澳洲幸运5官方开奖结果体彩网:generative AI plays that are scaling𝓀 to meet the technology’s widespread demand. The stock gained 56% last week alone, closing Friday's session at $80.30.

Below, we break down the澳洲幸运5官方开奖结果体彩网: technicals on CoreWeave’s hourly chart and point out key price levels that investors will likely be watching🧸 out for.

Cup and Handle Breakout

CoreWeave shares forged a 澳洲幸运5官方开奖结果体彩网:cup and handle pattern on the chart beꦐtween late April and early May before breaking out above the formation’s top trendline last week. 

Importantly, the move higher has occurred on above-average 澳洲幸运5官方开奖结果体彩网:trading volume, indicating conviction from larger market participants behind the buying. Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index confirms bullish price momentum with an elevated reading, though the indicator fell below the 澳洲幸运5官方开奖结果体彩网:overbought threshold on Friday, suggesting minor 澳洲幸运5官方开奖结果体彩网:profit-taking ahead of the weekend.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identify a potential upside price target to watch if CoreWeave shares continue to rally and also identify several key 澳洲幸运5官方开奖结果体彩网:support levels worth monitoring during pullbacks.

Chart-Based Upside Price Target

Investors can project a potential upside price target by using the 澳洲幸运5官方开奖结果体彩网:measuring principle, a technique that analyzes prior 澳洲幸运5官方开奖结果体彩网:price action to forecast future moves.

When applying the tool to CoreWeave’s chart, we calculate the percentage change of the cup and handle’s “cup” and add it to the pattern’s top trendline vaꦰlue. For example, we apply a 70% increase to $57, which projects a target of $96.90, about 20% above Friday’s closing price.

Key Support Levels Worth Monitoring

The first lower level on the chart to monitor sits around $73. Investors looking for 澳洲幸运5官方开奖结果体彩网:retracement entry opportunities may place buy 澳洲幸运5官方开奖结果体彩网:limit orders in this location near Thursday’s high.

Finally, a deeper pullback in CoreWeave shares could see the price revisit key lower support around $57. This area would likely attract buying interest near the cup and handle’s top trendline, which may flip from a region of prior 澳洲幸运5官方开奖结果体彩网:resistance into a location of future support.

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