Volatile ride for SoundHound AI, Inc. stock price on Thursday moving between $19.63 and $24.98

StockInvest.us, 1 month ago

StockInvest.us

The SoundHound AI, Inc. stock price gained 19.71% on the last trading day (Thursday, 26th Dec 2024), rising from $20.24 to $24.23. During the last trading day the stock fluctuated 27.25% from a day low at $19.63 to a day high of $24.98. The price has risen in 6 of the last 10 days and is up by 78.82% 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, 74 million more shares were traded than the day before. In total, 129 million shares were bought and sold for approximately $3.11 billion.

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 very 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 $17.80, a level that may pose a second chance to hit a runner.

SoundHound AI, Inc.

Mostly positive signals in the chart today. 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 $20.82 and $11.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 18, 2024, and so far it has risen 291.44%. 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 $20.85 and $19.69.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 $20.85. If this is broken, then the next support from accumulated volume will be at $19.69 and $18.86.

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 $5.35 between high and low, or 27.25%. For the last week, the stock has had daily average volatility of 23.50%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

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