Nvidia Corp (NVDA  ) stock recently hit new all-time highs. A market expert says more gains could be coming for the world's most valuable company.

Jay Woods on NVDA Stock

Nvidia stock is breaking out to new highs, a move that has Freedom Capital Markets Chief Market Strategist Jay Woods taking note.

"The one chart that has me optimistic ... Nvidia," Woods said in a weekly newsletter.

After several periods of sideways action on the Nvidia stock chart, Woods is noticing patterns of good news for investors.

"Nvidia is on the cusp of a major breakout. When looking at the chart, it's on the verge of another significant breakout and that should be good enough for now to take this market another leg higher."

Woods said the $240 level is the area to watch for Nvidia, which is only slightly higher than where shares are trading Monday. A close above $240 could take Nvidia higher on a "clear breakout." Woods sets an upside target of $270 for Nvidia stock.

"We have seen this stock lead in the past and it's poised to lead again."

Q3 Earnings on Deck

Nvidia is nearing its third-quarter report, which will be a key moment for the overall stock market ahead of the end of 2026.

The earnings date is currently estimated to be in mid-November.

Analysts expect Nvidia to report third-quarter earnings per share of $2.38 and revenue of $104.19, up from $1.30 and $57.01 billion year-over-year, respectively.

Nvidia has beaten analyst estimates for earnings per share in 15 straight quarters and beaten revenue estimates in 16 straight quarters.

Woods call for a higher share price comes ahead of earnings. Hitting new all-time highs ahead of the earnings report could put more pressure on the financials and guidance from the company.

NVDA Price Action: Nvidia stock was up 1.07% at $236.46 at publication on Monday. The new all-time high, hit earlier in the day, is $237.87