Shares up more than 1% in pre-market after UBS raises price target

Nvidia seems like it’s still consolidating before another move, but the direction of the move is yet unclear after the sell-off from the all-time high of $140. The AI giant has also recently received a couple of analyst downgrades, potentially souring some sentiment amongst investors. Currently, its shares are floating at around $126.88 a share in the pre-market session and are up more than 1% to kickstart the new week. The near term resistance reads $129.69, which corresponds with the upper trendline of the channel drawn on the chart. We can see the stock came close to testing this level on Friday but actually finished the day 1.85% lower. A break above this level may most definitely spark further momentum, perhaps leading to an attempt to reach new ATHs. Near term support is at the lower end of the channel, with the support firstly at $118.80 and then at $115.21. A break below $115.21 could force a sell-off towards the May gap of $107-$110. The technical indicators are mixed, with the MACD suggesting that bearish momentum is still lingering but the RSI is positive and now flat as it reads 57.