Where's Ocugen Stock Headed Monday And Why?

Ocugen Inc. OCGN shares were trading higher Monday, after Bharat Biotech: a company partner, was given the nod for a COVID-19 vaccine by the World Health Organization. The company saw a large upward movement Monday morning.

Ocugen is trading up 16.81% at $8.28 Monday afternoon.

Ocugen Daily Chart Analysis

• Shares saw a large move up and look to be nearing resistance in what technical traders call a sideways channel.
• The $10 is an area where the stock has struggled to cross above and has held as resistance in the past. The $6 level has been an area where the stock has previously always been able to bounce.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) pushed higher Monday and now sits at 63 on the indicator. This shows that there have been more buyers moving into the stock after the news came out.

What’s Next For Ocugen?

Bullish traders would like to see the stock continue to move higher and test the resistance level. If the stock could break above the resistance level, then bulls would like to see it begin to hold as a support level for a possible further push.

Bears are looking to see the stock start to drop lower. Bears want the stock to drop below the $6 support level and make its way down further. Bears want to see the stock fall below the moving averages as well for a possible change in sentiment.