Ocugen Inc. (NASDAQ: OCGN) shares were trading higher Tuesday after the Indian government approved Bharat Biotech’s COVID-19 vaccine Covaxin, for children between the ages of 2 and 18.
Ocugen is partnered with Bharat Biotech. Other popular COVID-19 vaccine companies unable to keep up with Ocugen’s gains Tuesday include Moderna Inc. (NASDAQ: MRNA), Novavax Inc. (NASDAQ: NVAX), and Vaxart Inc. (NASDAQ: VXRT).
Ocugen is trading up 19.25% at $9.17 in Tuesday afternoon trading.
Ocugen Daily Chart Analysis
Shares have flown higher the past couple of days and are now nearing resistance in what technical traders call a sideways channel.
The $10 price level is an area the stock has found resistance in the past and may hold as resistance again in the future. The $6 level is an area where the stock has seen support in the past and it might be somewhere the stock could find a bounce in the future.
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) has been pushing higher the past few days and now sits at 68. This nears the border of the overbought range, where much more buying pressure than selling pressure is found.
What’s Next For Ocugen?
Bullish traders want to see Ocugen continue to push higher and be able to break above the previous resistance level. A break above with a period of consolidation could indicate the stock is ready to see a strong bullish push in time.
Bearish traders would like to see the stock get rejected at the $10 resistance and begin to fall again. If the stock was able to start falling, bears would like to see it cross below the moving averages and head toward the $6 support level.
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