Big movements in Ocean Power Technologies stock price on Monday moving 36.00% between high and low

The Ocean Power Technologies stock price gained 37.04% on the last trading day (Monday, 2nd Dec 2024), rising from $0.500 to $0.685. It has now gained 8 days in a row. It is not often that stock manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 36.00% from a day low at $0.600 to a day high of $0.82. The price has risen in 9 of the last 10 days and is up by 389.08% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 228 million more shares were traded than the day before. In total, 315 million shares were bought and sold for approximately $216.13 million.

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $0.308, a level that may pose a second chance to hit a runner.

The Ocean Power Technologies stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.333 and $0.187. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 01, 2024, and so far it has risen 389.78%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.216 between high and low, or 36.00%. For the last week, the stock has had daily average volatility of 30.77%.

The Ocean Power Technologies stock is extremely overbought on RSI14 (98). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.Since the Ocean Power Technologies has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Ocean Power Technologies holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.