C3.AI is a great buy opportunity for the rest of the year.C3.ai (AI) has been trading within a Channel Down pattern for more than 1 year (since the August 01 2023 High) and yesterday it almost hit its bottom (Lower Lows trend-line). The 1D RSI breached below the 30.00 oversold barrier, and within this 1 year, it has always been a buy signal.
However we can't rule out an extended consolidation or even a slightly Lower Low within those levels until the price recovers fully, but on the long-term and particularly until the end of the year, C3.ai presents a strong buy opportunity on the current level.
The previous two Bullish Legs topped on the 0.785 Fibonacci retracement level, so our Target is 28.50 (marginally below it).
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C3aisignals
C3.AI This Golden Cross is preparing something big.It's been almost 3 months since we last looked into C3.ai (AI) where (May 10, see chart below) we called for a but that easily hit its 29.00 Target:
The price rose even higher but now finds itself considerably lower (as with the rest of the market) within the long-term Channel Down. Last month though, the stock formed its first 1D Golden Cross since February 23 2023, which may be an early indication of a bullish break-out.
That early 2023 (Jan - Apr) fractal shows that after the post-1D Golden Cross peak, the correction that was completed on the 0.5 Fibonacci retracement level gave way to a strong rebound towards the 1.5 Fib extension. As a result, our medium-term Target on this is $42.00.
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C3.AI bottomed and is going for the 1D MA50 test.C3.ai (AI) is trading within a Channel Down pattern since the August 01 2023 High and just 3 weeks ago made the 2nd Lower Low at the bottom of the pattern. If it breaks above the 1D MA50 (blue trend-line), we will have a confirmed bullish continuation for the new Bullish Leg, similar to the November 02 2023 break-out.
Until then, we expect one last short-term dip for a better buy entry, with which we will target 29.00 (just below the 0.5 Fibonacci retracement level). On the medium-term, we expect a new Lower High to be made, at least on the 0.618 Fib.
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AI made a Bullish Break-out and is targeting $60.C3.ai (AI) broke on Monday above the 8-month Lower Highs trend-line that dictated the former Bearish Leg of the 1.5 year Channel Up pattern. That is a major technical bullish break-out for the long-term as at the same time the 1D MACD completed a full Bullish Cross.
The last time we had such a series of technical events was on the January 13 2023 bullish break-out where the stock closed again a 1D candle above the Lower Highs. The price rallied +205% from the bottom. The next rally that formed the June 16 2023 Higher High on the Channel Up was on a +190% rally. Assuming a -15% decrease on every Bullish Leg, we expect the current rally to peak a +175% from the bottom. As a result we are placing our target just under the 1.382 Fibonacci extension (standard Higher High target) at $60.00.
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