Volatile ride for SoundHound AI, Inc. stock price on Friday moving between $6.38 and $7.26

The SoundHound AI, Inc. stock price gained 3.60% on the last trading day (Friday, 8th Nov 2024), rising from $6.95 to $7.20. It has now gained 4 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 last trading day the stock fluctuated 13.79% from a day low at $6.38 to a day high of $7.26. The price has risen in 6 of the last 10 days and is up by 39% over the past 2 weeks. Volume fell on the last day by -17 million shares and in total, 52 million shares were bought and sold for approximately $370.94 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 Sep 18, 2024, it was reported that H.C. Wainwright gave SOUN a "Underperform" grade with a "hold" action.

The stock has broken the wide and strong 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 $6.24, a level that may pose a second chance to hit a runner. According to fan-theory $7.37 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $5.78 and $5.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 31, 2024, and so far it has risen 43.14%. 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 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.

SoundHound AI, Inc. finds support from accumulated volume at $6.95 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 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 $0.88 between high and low, or 13.79%. For the last week, the stock has had daily average volatility of 10.05%.

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.