What's Going On With Ocugen Stock Today

Ocugen Inc. OCGN shares are trading lower Tuesday as the stock breaks below a key support level. The stock has been in a steady decline throughout the past months falling from monthly highs of around $18.

Ocugen stock has been trending on social media sites throughout the day, and was down 9.25% to $4.81 at the close on Tuesday.

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Ocugen Daily Chart Analysis

• The stock was trading in a sideways channel before the price recently fell below the $6 support level that has held multiple times in the past. Resistance was previously found near the $10 level and may remain as resistance in the future.
• The stock now trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been steadily falling lower for the past couple months and now sits at 31. This shows the stock is sitting on the edge of the oversold range and that there are many more sellers than buyers in the market.

What’s Next For Ocugen?

Ocugen is falling at a pretty rapid pace, pushing below the support level with some volume. This shows that the stock is being sold by many and that bears are in control of the stock. Bears are hoping the $6 level will become resistance for a possible further move downward.

Bulls are hoping to see the stock move above this support level and begin to make higher lows once again.

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