Big movements in SoundHound AI, Inc. stock price on Thursday moving 18.64% between high and low

The SoundHound AI, Inc. stock price gained 5.92% on the last trading day (Thursday, 11th Jul 2024), rising from $5.07 to $5.37. During the last trading day the stock fluctuated 18.64% from a day low at $5.22 to a day high of $6.19. The price has risen in 6 of the last 10 days and is up by 34.92% 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, 55 million more shares were traded than the day before. In total, 128 million shares were bought and sold for approximately $689.34 million.

On May 13, 2024, it was reported that H.C. Wainwright gave SOUN a "Underperform" grade with a "hold" action.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $5.49 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect SoundHound AI, Inc. stock with a 90% probability to be traded between $3.48 and $5.44 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Mostly positive signals in the chart today. 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 $4.41 and $4.52. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 38.05%. 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.

SoundHound AI, Inc. finds support from accumulated volume at $5.21 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 $0.97 between high and low, or 18.64%. For the last week, the stock has had daily average volatility of 12.43%.

The SoundHound AI, Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Several short-term signals 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 period.