High volatility in SoundHound AI, Inc. stock price on Tuesday which ended trading at $8.33

The SoundHound AI, Inc. stock price gained 1.09% on the last trading day (Tuesday, 19th Mar 2024), rising from $8.24 to $8.33. During the last trading day the stock fluctuated 15.13% from a day low at $7.60 to a day high of $8.75. The price has risen in 8 of the last 10 days and is up by 67.94% 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, 15 million more shares were traded than the day before. In total, 99 million shares were bought and sold for approximately $826.38 million.

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

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $9.12 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 218.15% during the next 3 months and, with a 90% probability hold a price between $14.72 and $29.01 at the end of this 3-month period.

The SoundHound AI, 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 $7.92 and $4.60. A breakdown below any of these levels will issue sell signals. 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 Friday, March 15, 2024, and so far it has fallen -6.51%. Further fall is indicated until a new bottom pivot has been found. 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 $7.42 and $6.86.There is a 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, SoundHound AI, Inc. finds support just below today's level at $7.42. If this is broken, then the next support from accumulated volume will be at $6.86 and $6.34.

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 $1.15 between high and low, or 15.13%. For the last week, the stock has had daily average volatility of 22.90%.

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 SoundHound AI, Inc. stock to perform well in the short-term.