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High volatility in Ocugen Inc stock price on Tuesday which ended trading at $6.26

StockInvest.us, 4 months ago


The Ocugen Inc stock price gained 2.12% on the last trading day (Tuesday, 15th Jun 2021), rising from $6.13 to $6.26. During the day the stock fluctuated 17.41% from a day low at $6.26 to a day high of $7.35. The price has fallen in 7 of the last 10 days and is down by -26.95% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 71 million more shares were traded than the day before. In total, 100 million shares were bought and sold for approximately $626.42 million.

HC Wainwright is very positive about OCGN and gave it a "Buy" rating on June 11, 2021. The price target was changed from $12.00 to $10.00.Over the last 30 days, this security got 2 buy, 0 sell, and 3 hold ratings.

The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.15 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 7.83% during the next 3 months and, with a 90% probability hold a price between $6.63 and $17.51 at the end of this 3-month period.

Ocugen Inc

There are mixed signals in the stock today. The Ocugen Inc stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $7.88 and $9.35. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, June 14, 2021, and so far it has risen 2.12%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Ocugen Inc finds support from accumulated volume at $6.15 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 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 $1.09 between high and low, or 17.41%. For the last week, the stock has had a daily average volatility of 15.20%.

Ocugen Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Check full Ocugen Inc forecast and analysis here.