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Another day, another AI-related name going absolutely bonkers. It’s been a common occurrence lately and one that’s been entertaining to document. Here’s Cerence (CRNC - Free Report) , a company that provides AI-powered virtual assistance for the mobility/transportation market worldwide. Last Friday, the company announced it had expanded a collaboration with NVIDIA to advance its CaLLM family of language models.
That was enough to send the stock up from $7.93 on Thursday to $19.33 on Friday and a high of $27.50 this morning before spending the rest of the session giving it back. A close of $20.18 today tells me the move might be over in the short-run. Of course, it all depends on what Jensen has in store for us in a few hours.
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding Cerence’s stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.
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Cerence is Latest Smoking Hot AI-related Stock
Another day, another AI-related name going absolutely bonkers. It’s been a common occurrence lately and one that’s been entertaining to document. Here’s Cerence (CRNC - Free Report) , a company that provides AI-powered virtual assistance for the mobility/transportation market worldwide. Last Friday, the company announced it had expanded a collaboration with NVIDIA to advance its CaLLM family of language models.
That was enough to send the stock up from $7.93 on Thursday to $19.33 on Friday and a high of $27.50 this morning before spending the rest of the session giving it back. A close of $20.18 today tells me the move might be over in the short-run. Of course, it all depends on what Jensen has in store for us in a few hours.
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding Cerence’s stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.