Early 1st quarter 2021 was a delusional bull market for Tech, reminiscent of 1999. Many corporate owners took advantage of the Hype, namely Tom Siebel.
There were a lot of IPO's and direct listings at the end of 2020. Since yields are going up, and the Fed is gradually abandoning its easy money policies, the tech sector is being shorted back to reality.
C3.AI had an IPO of $43.00, delusional Bulls drank the coolaide and bought at $100.00 per share, the dumping price.
Astonishingly, the price then shot up to $183.00/ share, almost quintupled in price (almost like Gamestop)!
There is resistance at the $64.00 line, once prices breach this line, expect C3.AI to be shorted to atleast the IPO price of $43.00/ share.
Should the Nasdaq slide to 11,000, expect C3.AI to trade in the $20 range.
I can guarantee you that insiders will sell, the CEO already has!
I wouldn't go long on this until maybe Summer time or if share prices hit the $20 range and a genuine reversal pattern is indicated.
In the mean time, money can be made by scalping and going short during the tech bear market.
Comment: Scalp the dead cat bounces!
Tom Siebel wasn't lying when he said "it's a volatile market, and share prices will take care of themselves".
There were a lot of IPO's and direct listings at the end of 2020. Since yields are going up, and the Fed is gradually abandoning its easy money policies, the tech sector is being shorted back to reality.
C3.AI had an IPO of $43.00, delusional Bulls drank the coolaide and bought at $100.00 per share, the dumping price.
Astonishingly, the price then shot up to $183.00/ share, almost quintupled in price (almost like Gamestop)!
There is resistance at the $64.00 line, once prices breach this line, expect C3.AI to be shorted to atleast the IPO price of $43.00/ share.
Should the Nasdaq slide to 11,000, expect C3.AI to trade in the $20 range.
I can guarantee you that insiders will sell, the CEO already has!
I wouldn't go long on this until maybe Summer time or if share prices hit the $20 range and a genuine reversal pattern is indicated.
In the mean time, money can be made by scalping and going short during the tech bear market.
Comment: Scalp the dead cat bounces!
Tom Siebel wasn't lying when he said "it's a volatile market, and share prices will take care of themselves".