What's Next For Ocugen Stock As It Bounces Off Support?

Ocugen Inc. OCGN shares are trading lower Tuesday, likely making a correction after shares saw a nice gain Monday.

Ocugen was down 5.14% at $7.02 at last check.

Ocugen Daily Chart Analysis

• Shares have been trading in a sideways channel and look to recently have found support near a previous key level.
• The stock is trading below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is likely in a period of consolidation.
• The 50-day moving average may act as an area of resistance, while the 200-day moving average may hold as an area of support.

Key Ocugen Levels To Watch

• The $6 level is somewhere the stock has struggled to cross below; this area may act as a potential support level again in the future.
• The first area of resistance the stock may find will happen potentially near the $10 level, as this is a place where the stock has struggled to cross above.
• If the stock is able to cross above the $10 resistance, the next area of strong resistance it finds will likely be near the $19 level, as this is where the stock made recent highs and was unable to reach these levels again.

What’s Next For Ocugen?

Bullish technical traders would like to see the stock build higher lows and break above the $10 level. If the stock is able to break above the $10 level and sees a period of consolidation, then it may see a further upward push. Eventually bulls would like to see higher lows build up to the $19 level.

Bearish technical traders would like to see the stock fall below the $6 level. Some consolidation below this level could hint that the stock is ready to see a further push downwards. If the stock crosses below both moving averages, sentiment may turn bearish and the trend may change.