Stronger technical forecast for SoundHound AI, Inc. stock price after Thursday trading.

StockInvest.us, 2 months ago

StockInvest.us

The SoundHound AI, Inc. stock price fell by -1.25% on the last day (Thursday, 9th May 2024) from $4.81 to $4.75. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 6.57% from a day low at $4.64 to a day high of $4.95. The price has risen in 6 of the last 10 days and is up by 14.18% over the past 2 weeks. Volume has increased on the last day by 4 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, 26 million shares were bought and sold for approximately $123.09 million.

On Apr 10, 2024, it was reported that Cantor Fitzgerald gave SOUN a "Neutral" grade with a "upgrade" action.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -6.85% during the next 3 months and, with a 90% probability hold a price between $1.54 and $7.94 at the end of this 3-month period.

SoundHound AI, Inc.

There are mixed signals in the stock today. The SoundHound AI, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $4.80. On a fall, the stock will find some support from the short-term average at $4.73. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, March 15, 2024, and so far it has fallen -46.69%. 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. Furthermore, there is a buy 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 $3.99 and $3.82.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 $3.99. If this is broken, then the next support from accumulated volume will be at $3.82 and $3.76.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.305 between high and low, or 6.57%. For the last week, the stock has had daily average volatility of 10.46%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Check full SoundHound AI, Inc. forecast and analysis here.