Shares of chipmaker Nvidia are on a tear this week, and technical analyst Matt Maley says one critical level will determine whether the surge can continue.
Nvidia is having its best week in months, and the recent surge has pushed the stock to a critical level, one chart watcher tells CNBC.
"The thing is, when it stopped going down, it held right at its 200-week moving average, so that's positive. Then it kind of traded sideways for a little while, through February, which formed a nice base for the stock," Maley said Wednesday on CNBC's "Trading Nation.""Now it's starting to rally, and it's breaking back above a key level — its neckline of an inverse head-and-shoulders pattern.
Susquehanna's Stacey Gilbert told"Trading Nation" that two tailwinds could help Nvidia's stock reach that key level: investors increasingly buying into large-cap technology stocks, and Nvidia's deal to buy Israeli chip designer Mellanox.
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