They say that markets have memories. It’s true, and holders and traders of Ocugen, Inc. OCGN may have cause for concern.
A "market memory" refers to how a certain price level can be important and retain this importance for a long time. This is the case with the $15.75 level for shares of Ocugen.
In February, the stock spiked higher and the rally ended close to $15.75. A sell-off or reversal followed.
In early May, the stock reached this important level once again and it also hit resistance and reversed.
Now the stock has made it back to $15.75 for the third time. If it can’t hold its gains and closes below this resistance, it could be the beginning of another sell-off.
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