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Symbotic Stock Price Prediction After Bearish Breakdown

Symbotic (NASDA: SYM) stock price is facing strong headwinds at the moment. The AI stock is forming a bearish pattern whose breakdown target might send a chill down your spine. The stock has generated massive returns since the start of 2023, but bears have started to gain momentum.

The shares of the American robotics firm closed at 32.76 on Tuesday. After a 10.56% decline last week, Symbotic shares are up 2.86% this week. It is too soon to assume any significant recovery as the stock is down 49% from its yearly peak.

Top Executives Dump Symbotic Shares

As per the most recent updates, multiple top executives from Symbotic have sold shares in the last few weeks. On 29 August 2023, the Chief Financial Official of the company sold 118,698 shares for more than $4.6 million. On the same day, the firm’s Director, Charles Kane, also sold 68,656 shares, bagging $2.7 million.

The insider selling by top executives has hugely impacted the market sentiment. Due to this reason. Since the news, Symbotic stock price has tanked 23.5% and has also broken a key support level on its chart. The AI stock has been experiencing very strong selling pressure for the past few weeks.

Symbotic Stock Forecast Flips Bearish

The latest analysis shows that NASDAQ: SYM has formed a head & shoulders pattern. The shares have also broken below the $36.5 level, which is the neckline of the bearish pattern. The technical price target of this breakdown is around $10.5. The only way to avoid this bearish Symbotic price prediction is to reclaim the $36.5 on a higher timeframe.

The following chart also reveals that there’s a strong demand zone around the $23.5-$29 level. I expect a bounce from this zone if the price enters into a deeper correction. The 200 MA also lies in this zone at $28.27, which increases the chances of this zone to hold.

In the meantime, I’ll keep sharing the updated Symbotic forecast and my personal trades on my Twitter, where you are welcome to follow me.

Symbotic stock price chart