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 ܫhelped 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 $1⛄49.43 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 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key price levels worth wat⛦ching as investors react to Huang’s CES update.

Descending Channel Breakout, Trading Volumes in ꦫ💞Focus

Nvidia shares broke out above the top trendline of a 澳洲幸运5官方开奖结果体彩网:descending channel on Friday, with bullish momentum continuing into Monday’s trading session🌊 ahead of Hဣuang’s presentation.

While the stock set a record closing high yesterday, the price closed significantly below its intraday peak to form a 澳洲幸运5官方开奖结果体彩网:shooting star, a candlestick ꦦpattern that can signal a potential reve🎐rsal.

Looking ahead, investors should watch for increasing 澳洲幸运5官方开奖结果体彩网: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 rema🦩in on the sidelines.

Let’s identify several key overhead areas to watch on Nvidia's chart and also point out two major 澳洲幸运5官方开奖结果体彩网:support levels that may come into focus during retracements.

Key Overhead Areas to Watch

The first immediate overhead area to watch sits around $150. While the price has traded above th♒is key level on multiple occasion since early November, it has failed to decisively close above it.

To project a potential 澳洲幸运5官方开奖结果体彩网:price target above the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH), we can use the bars pattern tool. This works by extracting the uptrend from April to June last year and repositioning it from last month’s low. Such analyꦕsis forecasts a target of around $225, about 50% above Monday’s closing price.

We selected the prior trend because it began from the lower trendline of an earlier descending channel on the cha🤡rt, closely replicating how the current move higher has started.

Major Support Levels to Observe

During 澳洲幸运5官方开奖结果体彩网:pullbacks, investors should initially watch the $140 level. Those who prefer not to chase 澳洲幸运5官方开奖结果体彩网:breakouts may look for 澳洲幸运5官方开奖结果体彩网:entry points in this area near the descending channel’s top trendline, which also closely aligns with the st꧒ock’s p💖rominent June peak.

Finally, the bulls’ inability to defend this area could see Nvidia shares retrace to around $130, a location on the chart where the may find support near the August 澳洲幸运5官方开奖结果体彩网:swing high and December 澳洲幸运5官方开奖结果体彩网:swing low.

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