Ocugen Stock Forecast
Big movements in Ocugen stock price on Monday moving 12.40% between high and low
(Updated on Apr 22, 2024)
The Ocugen stock price fell by -6.06% on the last day (Monday, 22nd Apr 2024) from $1.32 to $1.24. During the last trading day the stock fluctuated 12.40% from a day low at $1.21 to a day high of $1.36. The price has fallen in 6 of the last 10 days and is down by -34.04% for this period. Volume has increased on the last day by 1 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, 8 million shares were bought and sold for approximately $9.47 million.
Given the current short-term trend, the stock is expected to rise 171.60% during the next 3 months and, with a 90% probability hold a price between $3.37 and $5.69 at the end of this 3-month period.
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OCGN Signals & Forecast
There are few to no technical positive signals at the moment. The Ocugen stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.46 and $1.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -34.04%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Ocugen stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.06 and $1.04. 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, Ocugen finds support just below today's level at $1.06. If this is broken, then the next support from accumulated volume will be at $1.04 and $0.95.
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 $0.150 between high and low, or 12.40%. For the last week, the stock has had daily average volatility of 12.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OCGN) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Ocugen Inc to open at $1.27, and during the day (based on 14 day Average True Range), to move between $1.05 and $1.43, which gives a possible trading interval of +/-$0.190 (+/-15.34%) up or down from last closing price. If Ocugen Inc takes out the full calculated possible swing range there will be an estimated 30.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.32 (6.45%) than the support at $1.06 (14.52%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ocugen Inc stock A Buy?
The Ocugen stock holds several negative signals and despite the positive trend, we believe Ocugen will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.844 Sell Candidate Unchanged
Predicted Opening Price for Ocugen Inc of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $1.27 ( 2.42%) | $1.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCGN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.42 | 14.52 % | |
| R2 | 1.36 | 9.90 % | ||
| R1 | 1.33 | 7.04 % | ||
| Current price: | 1.24 | |||
| Support | S1 | 1.21 | -2.20 % | |
| S2 | 1.18 | -5.06 % | ||
| S3 | 1.12 | -9.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.51 | 21.37 % | |
| R2 | 1.34 | 8.06 % | ||
| R1 | 1.32 | 6.45 % | ||
| Current price | 1.24 | |||
| Support | S1 | 1.06 | -14.52% | |
| S2 | 1.04 | -16.13% | ||
| S3 | 0.95 | -23.46% |
FAQ
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