High volatility in Ocugen Inc stock price on Tuesday which ended trading at $9.11

The Ocugen Inc stock price gained 18.47% on the last trading day (Tuesday, 12th Oct 2021), rising from $7.69 to $9.11. , and has now gained 3 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 day the stock fluctuated 18.23% from a day low at $8.01 to a day high of $9.47. The price has been going up and down for this period, and there has been a 27.59% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 91 million more shares were traded than the day before. In total, 105 million shares were bought and sold for approximately $954.02 million.

On Aug 09, 2021 "HC Wainwright" gave "$10.00" rating for OCGN. The price target was set to $8.28+5.3%.

The stock has broken the very wide and weak 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 $8.82, a level that may pose a second chance to hit a runner. According to fan-theory $10.84 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

The Ocugen 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 $7.35 and $7.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 34.96%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $8.28 and $7.52.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ocugen Inc finds support just below today's level at $8.28. If this is broken, then the next support from accumulated volume will be at $7.52 and $7.49.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.46 between high and low, or 18.23%. For the last week, the stock has had a daily average volatility of 8.59%.

Ocugen Inc 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.