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- 1 C3.ai price closed at $40.01 while witnessing a decrease of -8.96% during the last intraday session.
- 2 AI price trades above all the major EMAs.
- 3 The year-to-date return of C3.Ai is 250.04%.
C3.ai stock price was stuck in a consolidation zone ranging between $17 and $34 since the start of February month. AI price began its bullish rally during the start of 2023, rising from the low of $10.48 and forming a high of $34.68. This rally caused a rise of approximately 231% in price. The move was not sustainable and price corrected the move. Ai’s price fell and formed support at the $17 level. The stock price regained bullish momentum at the start of May month.
On 30 May, Ai’s price finally gained enough bullish momentum to escape the consolidation zone in an upward direction. The stock price formed a new annual high at $44.02 level.
However, the previous candle was bearish but managed to close above the $40 level. The premarket price is $32 which means that the price would open at the $32 level with a gap down. This confirms that the price will re-enter the consolidation zone. C3.ai has tumbled -18% in the pre-market trading after the company reported better-than-expected Q4 results but provided soft Q1 and FY24 revenue guidance.
C3.AI Earnings Results of Quarter 4, 2022
The consensus estimated a revenue of $71.31 Million and C3.AI reported a revenue of $72.41, a surprise of $1.093(1.53%). The earning per share was estimated to be -$0.169 and the company reported a -$0.13, a surprise of 0.039(23.28%). The net income for quarter 4 was -$64.96 Million.
The financial health of the company is not that strong as it has not been profitable for quite some time now. The company also launched a new product called C3 generative AI which is available on AWS Marketplace. The estimated revenue for quarter 1, 2023 is $71.429 Million.
Will AI Price Head Toward the $17 Level?
Ai price trades above all the major EMAs indicating bullish momentum in the price but the pre-market price is currently at $32 which means that it is slowly losing its strength after the release of earning results. Chaikin money flow score is 0.37 indicating strength in the market. RSI resides in the overbought area suggesting a chance of reversal.
The premarket price shows that the price has already reversed. The price has crossed above the upper band of Bollinger which also suggests a pullback. The Bollinger bands have also expanded indicating volatility in the market.
Conclusion
The market structure and price action are currently bullish but would turn bearish as soon as regular trading starts as the premarket price shows a gap down and an opening price of $32. The technical indicators are still favoring the buying side and would probably decline as soon as regular trading starts.
Technical Levels
Major support: $17 and $10.50
Major resistance: $44 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
