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), 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.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cerence Inc. (CRNC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks