Big movements in SoundHound AI, Inc. stock price on Monday moving 18.87% between high and low

The SoundHound AI, Inc. stock price gained 15.78% on the last trading day (Monday, 6th May 2024), rising from $4.50 to $5.21. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 18.87% from a day low at $4.53 to a day high of $5.39. The price has risen in 8 of the last 10 days and is up by 37.83% 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, 37 million more shares were traded than the day before. In total, 57 million shares were bought and sold for approximately $295.12 million.

On Apr 10, 2024, it was reported that Cantor Fitzgerald gave SOUN a "Neutral" grade with a "upgrade" action.

The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 4.00% during the next 3 months and, with a 90% probability hold a price between $2.14 and $9.48 at the end of this 3-month period.

The SoundHound AI, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $4.55 and $5.09. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, March 15, 2024, and so far it has fallen -41.53%. Further fall is indicated until a new bottom pivot has been found.

SoundHound AI, Inc. finds support from accumulated volume at $4.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.86 between high and low, or 18.87%. For the last week, the stock has had daily average volatility of 11.07%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SoundHound AI, Inc. stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.