Strong day for Ocugen Inc stock price on Wednesday rising 5.03% to $9.61StockInvest.us, 1 month ago
The Ocugen Inc stock price gained 5.03% on the last trading day (Wednesday, 27th Oct 2021), rising from $9.15 to $9.61. During the day the stock fluctuated 8.36% from a day low at $9.09 to a day high of $9.85. The price has been going up and down for this period, and there has been a 4.12% gain for the last 2 weeks. Volume fell on the last day by -188 million shares and in total, 40 million shares were bought and sold for approximately $387.34 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Aug 09, 2021 "HC Wainwright" gave "$10.00" rating for OCGN. The price target was set to $8.28+5.3%.
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 $10.24 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 14.81% during the next 3 months and, with a 90% probability hold a price between $8.15 and $11.75 at the end of this 3-month period.
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 $8.86 and $7.90. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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, October 14, 2021, and so far it has fallen -4.38%. Further fall is indicated until a new bottom pivot has been found.
Ocugen Inc finds support from accumulated volume at $9.15 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 $0.76 between high and low, or 8.36%. For the last week, the stock has had a daily average volatility of 19.89%.
Ocugen Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Ocugen Inc forecast and analysis here.