Nvidia Hits $240 as Chart Analysts Target $270 Next

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Strong.Comeback is focusing on companies that experience declines in the last trading sessions but make significant recoveries to close higher.
 

•  06 Oct 2026
 

$NVDA Nvidia reached about $240 per share during trading, and its market value is approaching $6 trillion. The stock continues to break records after a long period in which it struggled to move away from earlier highs. In recent weeks Nvidia has begun to exit the trading range it held for months. Several well known chart analysts on Wall Street now see room for the move to continue.

Mark Newton, head of technical strategy at Fundstrat, believes the breakout in Nvidia has already been confirmed. He sees it as part of a broader improvement in tech stocks and the Nasdaq, and he continues to prefer the sector. Newton holds the CMT designation, short for Chartered Market Technician, an international professional certification for market participants who specialize in reading prices, trends, momentum, trading cycles and investor behavior. The idea is relatively simple: instead of starting from how much a company should be worth based on earnings and cash flow, start from what the market itself is doing right now. In Nvidia, the market is saying something fairly clear: buyers keep arriving even at record prices.

Jay Woods, chief market strategist at Freedom Capital Markets and also a CMT holder, focuses on the $240 area. In his view, establishing a base above that level could open a move toward $270, about 13% above the latest closing price. If Nvidia gets there, its market value will be well above $6 trillion. Woods also marks the $235 area from below. The level that previously served as a barrier to gains may now become support.

This is one of the central principles in reading trends: a level the stock struggled to pass on the way up sometimes becomes the zone where buyers return when the price falls back to it. For Nvidia, that makes the range of $235 to $240 the main area to watch. Staying above it would strengthen the view that the breakout is holding. A quick drop from it would weaken that scenario.

Those who work with trends usually prefer a stock that rises and makes new highs over one that fell sharply and looks cheap. For them, a strong price is a sign of strength and not a reason to stay away. The fact that Nvidia sits at a high therefore produces a large part of the positive call. Kiana Danielle, known as Invest Diva and a regular on CNBC, Fox Business and CNN over the years, combines chart reading with a view of the business itself. She continues to see Nvidia as an attractive stock even at a valuation approaching $6 trillion, mainly because of continued growth in demand for AI infrastructure.

In her case, the chart and the business tell the same story right now. More investment in data centers, more models and more computing power increase demand for Nvidia chips and systems. Foxconn reported a record quarter this week and continued expansion in its AI server activity, another sign of earnings momentum and of investment in the industry continuing at a high pace.

There is also a more cautious angle. Jonathan Krinsky, chief market strategist at BTIG and one of the well known names in the field, recently warned about the very sharp rise in chip stocks overall. The Philadelphia Semiconductor Index has jumped by tens of percent this year, and he sees a certain similarity to earlier rallies that reached an advanced stage. He is referring to the whole sector and not to Nvidia alone, but the warning is relevant. Nvidia itself has risen less than many chip stocks this year, so some may even see it as lagging the industry. On the other hand, when the entire sector rises at an unusual pace, a great deal of optimism, including multiple expansion, is already in the prices.

For those following the stock, three levels stand out. The $235 level is the nearest support, and $240 is the breakout level the market is trying to establish. Around $249 the company reaches a market value of about $6 trillion, and above it Woods marks $270 as a possible target if the trend continues. Nvidia has already approached the $6 trillion threshold in recent days, so that number has also become a psychological threshold for investors.

Trend analysts usually grow stronger in their reading as a move advances, and this is especially visible in Nvidia: the stock is at a high, momentum is positive and the price is above the main levels. The more interesting test will therefore come in the next correction. If Nvidia returns to the $235 to $240 area and buyers step in again, the breakout will receive stronger confirmation. If it loses the area quickly, the positive call will also need to be updated.

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