Ocado Share Price On a 7-Day Winning Streak As AI Expert Joins the Board

Summary:

A former Amazon AI expert has been poached by the Ocado group, as the Ocado share price continues its 7th day on the gainers' chart of the FTSE 100.

The Ocado share price has wound up on the gainer’s chart on the FTSE 100 index, with a 2.42% gain as of writing. This move marks a 7th consecutive day of gains for the Ocado share price and comes as news of a former Amazon Vice President joining the company.

According to news reports, Nadia Shouraboura, a former Amazon Vice President and specialist in artificial intelligence, robotics and machine learning, will be joining Ocado as a non-executive director and member of the company’s nomination committee. This appointment indicates Ocado’s willingness to deepen its online sales imprint and use AI technology in automating its processes. Shouraboura is said to be the brain behind Amazon’s highly successful automated supply chain processes.

Ocado’s share price benefitted heavily from the lockdowns during the acute phases of the coronavirus pandemic, suffering a slight dropoff as restrictions were eased. Shouraboura’s appointment comes as the company seeks to exploit its newfound success in the online delivery space.

Ocado Share Price Outlook

The “W” harmonic pattern continues its evolution, with the CD wave now breaking out of the channel’s upper border. The upside move is also challenging resistance at 1995.0. A break of this level allows for a potential move towards 2077.5. A break of this level leads to an advance beyond 2135.0 and 2200.0 (26 February low and psychological resistance).

On the flip side, rejection and pullback from 1995.0 complete the harmonic pattern, setting up the correction from that level that targets 1898.0, 1861.5 and potentially 1825.5.