drewtalksmoney

The share price of Soundhound has seen a 10% dip today as speculative investors start taking profits from their investment.

Soundhound specialises in creating conversational AI applications for businesses and has a market cap of around $2 billion. Their main product lineup includes voice-based systems that can be integrated in car systems or restaurants without the need for human assistance.

The market closed with share prices hovering above the $17.50 mark. This price level acts as a significant psychological resistance level, one which proved important during the stock’s rally in December. Further selloffs would ensue if this price level is broken.

However, I would definitely make the most of this market correction. The stock has risen by 800% year to date and has gathered mainstream attention from investors. The $12.50 mark of where the 50 day moving average sits acts as a good support and the $15 dollar mark acts as a good buy the dip opportunity.