Why Ocugen Stock rallies as Moderna, Novavax and Vaxart can’t catch up

Ocugen Inc. The shares (NASDAQ: OCGN) were trading higher on Tuesday after the Indian government approved Bharat Biotech’s COVID-19 vaccine, Covaxin, for children aged 2 to 18.

Ocugen is a partner of Bharat Biotech. Other popular COVID-19 vaccine companies unable to keep up with Ocugen’s gains on Tuesday include Moderna Inc. (NASDAQ: mRNA), Novavax inc. (NASDAQ: NVAX), and Vaxart inc. (NASDAQ: VXRT).

Ocugen is trading up 19.25% to $ 9.17 in Tuesday afternoon trading.

Analysis of Ocugen’s daily charts

  • Stocks have been rising in recent days and are now approaching resistance in what technical traders are calling a side channel.

  • The $ 10 price level is one area where the stock has encountered resistance in the past and may still be resistance in the future. The $ 6 level is an area where the stock has seen support in the past and it could be a place where the stock could rebound in the future.

  • The stock is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment towards the stock is bullish.

  • Each of these moving averages may be a possible support area going forward.

  • The Relative Strength Index (RSI) has risen in recent days and now stands at 68. This is approaching the edge of the overbought range, where there is much more buying pressure than selling pressure. .

See also: Why Ocugen’s stock is trading higher today



What’s next for Ocugen?

Bullish traders want to see Ocugen continue to push higher and be able to break past the previous resistance level. A break above with a period of consolidation could indicate that the stock is ready for a strong bullish surge in time.

Bearish traders would like to see the action rejected at $ 10 resistance and start falling again. If the stock could start to fall, the bears would like to see it move below the moving averages and head towards the support level of $ 6.

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