Nvidia (NVDA) stock can reach $120 in "a couple of weeks," and the tech giant's shares can retake the $130 mark after it reports its first-quarter earnings next month, Bill Baruch, the founder and president of Blue Line Futures said on CNBC recently.

Baruch's Bull-Case Scenario for NVDA Stock

"On any positive news, Nvidia can reach $115-$120 over the next couple of weeks," Baruch predicted. "And if it delivers good earnings, it will go back to $130," he added.

As far as the medium-term is concerned, Baruch predicted that the performances of AI stocks in general and NVDA in particular would improve in the second half of this year.

Baruch's Take on the Macro Outlook

For now, "uncertainty is propelling the stock market," while the news has been negative. On the other hand, Baruch sees "light at the end of the tunnel," as he believes that a great deal of "negativity was flushed out."

The Recent Price Action of NVDA Stock

In the last month, the shares have sunk 15%, while they have retreated 24% in the last three months.

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Disclosure: None. This article is originally published at Insider Monkey.