Nvidia Stock Pops Up as Analysts Remain Bullish, But Technicals Suggest Potential Retracement

Chipmaker Nvidia's stock popped up 1.5% as analyst maintained Outperform rating and lifted price target to $700.

Nvidia has risen over 8% since Oct 11, breaking out from a bull flag pattern, indicating potential for further gains.

After initial pop, Nvidia formed a bearish shooting star candlestick on Thursday, suggesting a local top may be in.

Nvidia is likely to retrace after 7 days of uptrend, with RSI nearing overbought levels at 70.

Bulls want to see Nvidia hold the 50-day SMA on any pullback as support, while bears want to see it break below.