Ocugen Rallies Ahead Of WHO Meeting: What's Next?

Ocugen Inc. OCGN shares are trading higher Tuesday ahead of a key World Health Organization meeting. The WHO meeting will decide whether or not to grant emergency use approval for the COVID-19 vaccine of Ocugens partner, India-based Bharat Biotech.

At one point in Tuesday's session, Ocugen was trading up 21.41% at $11.34. At the time of publication, the stock down 3.2% at $9.04.

See Also: Ocugen Stock Strikes Massive Gains Day Ahead Of Key Date: What You Should Know

Ocugen Daily Chart Analysis

• Shares saw a large gap up Tuesday and look to have broken above resistance in what technical traders call a sideways channel.
• The $10 price level is an area where the stock saw resistance, but with the price above the area, it may hold as support. If unable to hold as support, the stock may find support near the $6 price level.
• 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) shot higher Tuesday and now sits at 71. This shows that the announcement of the meeting caused many more buyers to hop into the stock. The RSI is now in the overbought range and is seeing many more buyers than it is sellers.

What’s Next For Ocugen?

Bullish traders are looking to see Ocugen hold above the $10 resistance level. A period of consolidation above this $10 level may indicate the stock is ready to see further bullish moves in the future.

Bears are hoping the stock will be unable to hold the $10 level as an area of support and hoping to see the stock fade back below it. If the stock breaks below the $10 level again on an above-average volume day, it may start fading back toward the $6 level.