Nvidia (NVDA) moved to the top of the world's most valuable companies by market capitalization this week, overtaking iPhone maker Apple (AAPL).

Shares of the AI ​​chipmaker rose about 4% on Wednesday to hit a record high of $146.49 as U.S. stocks surged following the election of Donald Trump as president. Nvidia shares have nearly tripled since the start of the year as demand for the company's family of AI chips, including next-generation Blackwell graphics processing units (GPUs), remains insatiable.

Below, we analyze the technical data on the Nvidia chart and identify key price levels that investors may be keeping an eye on.

Trading volumes remain low

Since breaking out of a symmetrical triangle last month, Nvidia shares have mostly moved sideways to higher as investors look for future catalysts that could drive the AI ​​favorite's next move.

It's worth noting that the stock's volume has been steadily declining over the past few months, perhaps indicating that larger market participants were taking a wait-and-see approach in the run-up to the US election and amid uncertainty over chip export restrictions.

Looking ahead, investors should watch for rising stock volumes while keeping an eye on these key price levels on the Nvidia chart.

Important lower levels for monitoring

The first lower level to watch is $144, an area on the chart just below Wednesday's close, where shares could find support near a period of consolidation around the previous all-time high (ATH). .

Further selling could see Nvidia shares fall to around $125, an area on the chart where they are currently finding support near the closely watched 50-day moving average and the upper trendline of the symmetrical triangle .

A fall below this level could see the stock fall to $97. Investors at this point could look for entry points near a trendline that connects two March highs with a set of prices positioned around the early August low.

Important higher level to watch

To predict a higher level using technical analysis, we can apply the measurement principle, often called measured movement.

This technique calculates the distance between the two trendlines of the symmetrical triangle near their widest point and adds this amount to the initial breakout area. In other words, we add $55 to $125, projecting an upside target of $180.

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At the time of writing, the author does not own any of the securities mentioned above.