by Jack Denton

Nvidia stock's next win, for many investors, could be even better than the gargantuan, $150 billion share buyback plan-the largest in history-the chip giant and artificial intelligence pioneer announced on Monday.

Nvidia stock was up near 1% in U.S. premarket trading on Tuesday, poised to open near $231 after a 1.7% jump on Monday amid the buyback news.

The stock is now sitting in striking distance of its record high of $236.54-and all the technical indicators are flashing green.

Investors celebrated the AI powerhouse's stock repurchase plan on Monday-and for good reason. Buybacks are great for investors, but many shareholders, including the legions of retail traders that have flocked to Nvidia, ultimately care more about the stock price to measure their portfolio's value.

If the stock price is king, then Nvidia, already the world's most valuable public company, could soon add a new jewel to its crown with a record high.

Amid the flurry of good news for the shares, technical market indicators suggest it should be full steam ahead.

Nvidia stock's jump on Monday and moves in the Tuesday premarket put the price's 10-day simple moving average (SMA)-$222.80-a hair above the 20-day level of $222.32. Already the 10-day and 20-day SMAs are sitting firmly above the 50-day and 200-day SMA levels

When a stock price's simple moving average over shorter terms exceeds that of longer terms, it marks a meaningful indicator of bullish, positive momentum. That itself is good news, but when momentum indicators like these turn green, it can also attract traders focused on momentum strategies, who in turn bid the stock price higher, bringing more gains.

Of course, Nvidia stock faces some fundamental risks, including earnings from chip maker Micron on Wednesday, which could shift AI sentiment impacting Nvidia. But if Nvidia stock is able to notch a new record high on Tuesday, it will be reason enough to celebrate, and could ease fears among investors over the AI trade going into Micron's earnings.