AI stocks setup for consolidation?

AI Stocks have been attracting attention and hype, with hype comes consolidation. The hourly AI chart is setup well for bearish plays today.

Intraday bears can scout aggressive on any entries around the 28.76 level which has acted as resistance both premarket Feb 7th and intraday Feb 3rd. Caution if bulls run straight into 28.76 this morning as it would indicate the FOMO is still in play.

This would be a more attractive short should bears break out of the EQ balance indicated by the white arrows. Best case scenario for bears is a loss of 25.88 and then lower highs under the 28.76 level.

Checkout our full trading resources online

Improve your TA with our free ebooks

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.