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Volatile ride for Ocugen Inc stock price on Thursday moving between $8.81 and $10.60

StockInvest.us, 3 months ago


The Ocugen Inc stock price gained 8.88% on the last trading day (Thursday, 14th Oct 2021), rising from $9.23 to $10.05. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 20.32% from a day low at $8.81 to a day high of $10.60. The price has risen in 6 of the last 10 days and is up by 39.97% 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, 36 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $728.38 million.

On Aug 09, 2021 "HC Wainwright" gave "$10.00" rating for OCGN. The price target was set to $8.28+5.3%.

The stock has broken the very wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $9.02, a level that may pose a second chance to hit a runner. According to fan-theory $11.21 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $8.15 and $7.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 48.89%. Further rise is indicated until a new top pivot has been found. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $9.23 and $9.11.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 $9.23. If this is broken, then the next support from accumulated volume will be at $9.11 and $8.28.

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 $1.79 between high and low, or 20.32%. For the last week, the stock has had a daily average volatility of 13.41%.

Ocugen 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.

Check full Ocugen Inc forecast and analysis here.