Nvidia-Backed CoreWeave Stock Soared More Than 50% Last Week—Watch These Key Levels

The shares of the Korvev (CRWV) increased last week after the AI ​​Cloud provider posted a bounce in the quarterly revenue and revealed that NVDA (NVDA) has a higher share than investors in the company.

Korvive, which became public at the end of March, said on Wednesday that the revenue of the first quarter increased by more than 400% year-on-year and on Thursday, through a regulatory filing, stated through a regulatory filing that the lead partner Nvidia has a 7% stake in the company, which is about 5% pre-pronounced public offering.

The company also said last week that it had agreed to a four -year deal with a chat maker Openi up to $ 4 billion, adding a commitment of about $ 12 billion declared in March.

The shares of Coreweave have doubled their $ 40 IPO price, promoting the news of last week and the hunger of the investors up and down for generative AI plays that are scaling to meet the widespread demand for technology. Stock increased by 56% alone last week, shutting down the Friday season at $ 80.30.

Below, we break the technology on the hour chart per coreweave and indicate major value levels that investors may be looking out.

Cup and handle breakout

Coreweave shares created a cup and handle pattern on the chart in April and May before exiting the top trendline of the formation formed last week.

Importantly, this step is on up-a-average trading volume, which indicates punishment from large market participants behind the purchase. In addition, the relative power index confirms a rapid price speed with a high reading, although the indicator fell below the overbott threshold on Friday, suggested taking slight advantage of the weekend further.

Let us apply technical analysis to identify a potentially reverse price target, to see if the Korvive shares continue for the rally and also identify several major support levels worth monitoring during the pullback.

Chart-based upside price target

Investors can project a potentially reverse value target using the principle of measuring, a technique that analyzes pre -value action to predict future moves.

When applying the tool on the chart of the corpovave, we calculate the percentage change of the cup and handle the “cup” and add it to the top trendline price of the pattern. For example, we apply a 70% increase by $ 57, a target of $ 96.90 above 20% above the closing price of Friday.

Major support levels worth surveillance

The first lower level on the chart sits around $ 73 to monitor. Investors seeking retracement entry opportunities can buy a border order at this place near Thursday’s high.

Finally, the price of $ 57 can see a lower support to re -look at a deep pullback value in coreweave shares. The region will probably attract the top trendline of the interest near the cup and handle the handle, which can flip from an area of ​​pre -resistance to the place of future support.

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As this article was written, the author has none of the above securities.