The emergence of a descending triangle pattern on the AITX charts created a platform for bearish AITX stock forecasts to hit the market. However, the expected slump in the AITX stock price has not happened, as a slew of new deals from the company has provided a fundamental basis to support slumping prices.
The price action on the charts shows that while the triangle’s breakdown has been completed, the bulls have found a voice to limit any further downside moves in the interim. The fundamental basis for this comes from new orders recently received by Artificial Intelligence Technology Solutions Inc. Some of the deals are as follows:
- The company’s 100-owned subsidiary, Robotic Assistance Devices (RAD) Inc, received an order to deliver five ROSA security robots from a private college on the US East Coast. This followed the shipment of the two-hundredth ROSA robot as announced by RAD President Mark Folmer. The contract will also require RAD to manage the robot using its incident management system, a cloud-based application that aims to replace industry-wide obsolete user software.
- RAD has also received new orders for two ROAMEO and ROSA security robots from an unnamed global logistics company. Confidentiality agreements protect the identity of the client.
A previous order for ROAMEO and ROSA robots from one of the US’s biggest automobile retailers is scheduled for deployment on 25 April. The company also confirms that several universities and colleges are considering ordering several RAD’s devices, including its Light My Way devices. The company also confirmed a 2021 order it received from ECAMSECURE for two AVA autonomous access control devices.
Investors are hoping that the new orders and the increasing interest in the company’s robots will translate to improved bottom lines and a more sustained uptick in the company’s stock. The AITX stock forecast by institutional analysts sees a potential 12-month price target of $6.687, leaving the stock with significant upside potential.
AITX Stock Forecast
The breakdown of the descending triangle on the 4-hour chart is experiencing a return move to the broken support (lower triangle border). This return move is expected to face rejection at that border, opening the door for a continuation of the measured move towards the completion point at 0.0081 (19 June 2020 low). However, this move is expected to encounter an obstacle at the 0.0107 support level (16 July 2020 low). Any further descent below the measured move’s completion point would first encounter the 11 August 2020 low at 0.0041.
On the flip side, a successful return above the 0.0145 price mark (lower border of the triangle) truncates the measured move and opens the door to a potential advance towards 0.0154 (28 January and 5 April lows). Only when this barrier is uncapped can the price activity have a clear aim for the 0.0180 resistance (26 January and 30 March highs). Finally, an additional advance opens the door towards 0.0202 (7/28 February highs) before 0.0234 (7 December 2021 high) and 0.0261 (9 December 2021 high) become other northbound targets.
AITX: 4-Hour Chart
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