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High volatility in Ocugen Inc stock price on Wednesday which ended trading at $12.73

StockInvest.us, 3 weeks ago


The Ocugen Inc stock price fell by -18.76% on the last day (Wednesday, 3rd Nov 2021) from $15.67 to $12.73. During the day the stock fluctuated 43.50% from a day low at $12.30 to a day high of $17.65. The price has risen in 6 of the last 10 days and is up by 44.99% over the past 2 weeks. Volume has increased on the last day by 28 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 204 million shares were bought and sold for approximately $2.60 billion.

On Nov 02, 2021 "Cantor Fitzgerald" gave "$4.00" rating for OCGN. The price target was set to $13.98+18.1%.

The stock lies in the middle of a very wide and strong 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 25.37% during the next 3 months and, with a 90% probability hold a price between $9.77 and $19.71 at the end of this 3-month period.

Ocugen Inc

The Ocugen Inc 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 $11.92 and $8.66. 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). 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 Tuesday, November 02, 2021, and so far it has fallen -18.76%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

On the downside, the stock finds support just below today's level from accumulated volume at $11.84 and $10.05.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 $11.84. If this is broken, then the next support from accumulated volume will be at $10.05 and $9.61.

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 $5.35 between high and low, or 43.50%. For the last week, the stock has had a daily average volatility of 25.44%.

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 Ocugen Inc stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Ocugen Inc forecast and analysis here.