C3.ai (NYSE: AI) stock price has rebounded strongly in 2023. After an intense sell-off throughout 2022, the stock has been in an uptrend since the start of this year. Consequently, the shares are trading 282% above their yearly open. This makes it one of the best-performing AI stocks.
After a pullback in June, C3 AI stock is once again crawling back up. It is already 28% up from its June lows and is aiming for more upside. The latest analysis reveals that while the bullish market structure is still intact, the indicators are pointing towards a pullback.
You don’t have to be a Wall Street analyst to tell what’s going on with C3.ai stock price. The success of Open AI’s ChatGPT triggered a rally in the stocks of AI companies at the start of 2023. This rally is still going on, fueled by the strong earnings report by the tech companies in Q1.
C3 AI stock is one of the biggest beneficiaries of the ongoing AI rally. However, after months of an uptrend, the rally now seems to be overextended. If you are planning to buy AI stocks, then there’s a high probability that you’ll find better prices in the later half of this year.
As evident from the following NYSE: AI chart, the stock has been constantly surging since a pullback in May. However, the weekly and daily RSI and MFI indicators are now signaling a bearish divergence. This could be a signal of the top of this rally.
Considering the market structure, C3.ai stock price prediction will remain bullish as long as the price holds the May lows of $17. A break below this level will confirm a proper bullish reversal. On a shorter timeframe, the price can still retest the $56 level, which may result in a rejection.
In the meantime, I’ll keep sharing the updated C3 AI stock price forecast and my personal trades on my Twitter where you are welcome to follow me.
This post was last modified on Jul 11, 2023, 08:23 BST 08:23