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| Ticker |
Company |
Last |
Change |
Stock(8) |
RSI(14) |
| SOUN | SoundHound AI Inc | 3.99 | 4.45 % | 88.05 | 85.98 |
Technical Analysis Report for SOUN
The stock market asset with the symbol SOUN observed a bearish High-Wave-Candle candlestick pattern at the close of the recent trading period. This typifies a period of uncertainty and volatility as the market grapples with attempting to find a clear direction, typically hinting at indecision among traders.
Technical Indicators Summary
Analyzing the various intraday indicators, the Stochastic Oscillator ended the period at 88.05. This is considered an overbought zone suggesting that the market might witness a bearish reversal anytime soon. The RSI, another popular momentum indicator, finished at a marginally overbought level of 85.98 reaffirming that a bearish reversal might be on the cards.
Moving Averages Analysis
The last closed price was above the EMA21 and the EMA80, indicating a strong bullish emphasis in the market. Notably, the EMA21 was trending bullish and was above the EMA80 which underscores the positive market sentiment.
Directional Movement Index (ADX) Analysis
The ADX concluded at 32.03, providing evidence of a strong trend. The ADX portrays the strength or weakness of a trend rather than the actual direction. Based on the above values, the trending strength seems strong.
Price Change Summary
Lastly, the price change for the last period was positive, showing a rise of 4.45 percent which further underlines the bullish sentiment in the period under review.
Next Period Sentiment Prediction
Although the bullish sentiments are prominent in the market, the bearish High-Wave-Candle candlestick pattern coupled with the overbought RSI and Stochastic Oscillator values suggest a potential reversal. Hence, a cautious approach would be recommended for the next period with a bearish bias.
Dislaimer
This analysis should not be construed as a recommendation. Investment decisions should be carefully made after considering your personal risk tolerance and investment objectives. Please carry out independent research or consult a financial advisor before making any investment decisions.