SoundHound AI, Inc. Stock Forecast
On Friday, SoundHound AI, Inc. stock price gained an impressive 5.77%
(Updated on Apr 26, 2024)
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.76 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 33.75% during the next 3 months and, with a 90% probability hold a price between $5.02 and $13.51 at the end of this 3-month period.
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SOUN Signals & Forecast
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 $5.58. On a fall, the stock will find some support from the short-term average at $3.99. 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 -50.62%. Further fall is indicated until a new bottom 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.
Support, Risk & Stop-loss for SoundHound AI, Inc. stock
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 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 $0.310 between high and low, or 7.51%. For the last week, the stock has had daily average volatility of 12.08%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SOUN) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect SoundHound AI, Inc. to open at $4.32, and during the day (based on 14 day Average True Range), to move between $3.85 and $4.95, which gives a possible trading interval of +/-$0.553 (+/-12.56%) up or down from last closing price. If SoundHound AI, Inc. takes out the full calculated possible swing range there will be an estimated 25.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.99 (9.32%) than the resistance at $4.96 (12.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SoundHound AI, Inc. stock A Buy?
SoundHound AI, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.818 Sell Candidate Unchanged
Predicted Opening Price for SoundHound AI, Inc. of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$4.32 ( 1.74%) | $4.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOUN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 4.63 | 5.30 % | |
R2 | 4.51 | 2.61 % | ||
R1 | 4.44 | 0.95 % | ||
Current price: | 4.40 | |||
Support | S1 | 4.20 | -4.43 % | |
S2 | 4.13 | -6.10 % | ||
S3 | 4.01 | -8.79 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.27 | 19.77 % | |
R2 | 5.04 | 14.55 % | ||
R1 | 4.96 | 12.73 % | ||
Current price | 4.40 | |||
Support | S1 | 3.99 | -9.32% | |
S2 | 3.82 | -13.18% | ||
S3 | 3.76 | -14.55% |
FAQ
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