March 13 - A Wall Street Technical analyst from Fairlead Strategies predict Nvidia (NVDA, Financial) shares could rally to about $130 following a recent sharp decline. The analyst noted that after a 27% downslide from February's peak, the stock has shown signs of a potential short?term pivot.

• Warning! GuruFocus has detected 3 Warning Signs with NVDA.

Katie Stockton from Fairlead Strategies noted that Nvidia's shares gapped up in what appeared to be a breakaway move, suggesting bullish momentum might be building. This technical rebound indicates that the market may be ready for a relief rally, with initial resistance observed around the $130 level.

Investors are closely watching Nvidia's price action ahead of the upcoming GPU Tech Conference, which could further influence market sentiment. The conference is expected to shed light on the company's progress with its new Blackwell Ultra and Rubin processors, as well as advancements in next?generation networking technology.

Market conditions remain volatile, but many think the current valuation of Nvidia is attractive. A relief rally could provide a short term recovery catalyst for the chipmaker if it materializes since the rally would offer a boost of confidence in the chipmaker's long term prospects.