High volatility in SoundHound AI, Inc. stock price on Thursday which ended trading at $5.63

The SoundHound AI, Inc. stock price gained 11.71% on the last trading day (Thursday, 7th Mar 2024), rising from $5.04 to $5.63. During the last trading day the stock fluctuated 20.18% from a day low at $5.08 to a day high of $6.11. The price has been going up and down for this period, and there has been a 41.81% 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, 42 million more shares were traded than the day before. In total, 85 million shares were bought and sold for approximately $478.29 million.

On Mar 04, 2024, it was reported that Wedbush gave SOUN a "Buy" grade with a "hold" action.

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 80.56% during the next 3 months and, with a 90% probability hold a price between $5.16 and $13.91 at the end of this 3-month period.

The SoundHound AI, Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $5.86. On a fall, the stock will find some support from the long-term average at approximately $3.28. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Thursday, February 29, 2024, and so far it has fallen -24.12%. Further fall is indicated until a new bottom pivot has been found.

SoundHound AI, Inc. finds support from accumulated volume at $5.63 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 $1.03 between high and low, or 20.18%. For the last week, the stock has had daily average volatility of 16.42%.

SoundHound AI, 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.