Shares in CoreWeave (CRWV) jumped 25% to a record high on Tuesday after signing a long-term data center leasing deal with Applied Digital, a partner of Nvidia. The stock has surged 276% since its IPO and is now tied to the AI boom.
The recent deal may be the catalyst for further gains as CoreWeave’s price broke out from an ascending triangle pattern that had been in play since late May. This breakout on above-average volume suggests buying conviction from larger market players.
However, investors should watch key support levels around $122, $97, and $73. A potential upside target is around $200, but the recent trend may last until next month if a similar trend emerges.
Investors have bid up CoreWeave’s stock in recent weeks following Nvidia’s higher stake disclosure and its first-quarter revenue growth of over 400%. The stock surged to a record closing high of $150.48 on Tuesday, amid a broader upturn for stocks tied to the AI boom.
Technically, CoreWeave’s one-hour chart shows an ascending triangle breakout that may pave the way for further gains. Bars pattern analysis suggests a potential upside target of around $200 and indicates the trend higher could last until early next month if similar conditions emerge.
Source: https://www.investopedia.com/watch-these-coreweave-price-levels-as-ai-cloud-stock-soars-to-another-record-high-11747817