Signal Says Nvidia Stock Still Hasn't Hit Its Top

The world's most valuable company, Nvidia Inc (NASDAQ:NVDA), is 2% higher to trade at $238.64, and earlier hit a record high of $238.70. NVDA has surged 27% in both 2026 and over the past year, but a second bull signal in less than one month suggests NVDA has yet to hit its top.

NVDA's long-term outperformance comes amid historically low implied volatility (IV). Specifically, the equity's current SVI of 28% stands in the low 3rd percentile of its annual range. 

According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, there have been nine instances in the past five years when the equity traded within 2% of its 52-week high, while its Schaeffer’s Volatility Index (SVI) ranked in the 20th percentile of its annual range or lower.

NVDA was higher one month later more than half of the time after those signals, averaging a 6.1% gain. From its current perch, a shift of this amount would put the equity above $253.

Despite this upward momentum, options traders are still showing bearish tendencies. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), NVDA's 50-day put/call volume ratio ranks in the 86th percentile of its annual range.