Hello traders,
Here's my bullish analysis on SoundHound AI (SOUN), focusing on long-term potential based on key technical levels and market structure.
Key Observations:
Support Zone: The $10-$12 price level is a strong area of demand, aligning with a large imbalance zone. This area could act as a solid base for a future rally.
Imbalance Zones:
The lower imbalance zone suggests the price may seek to rebalance before a move upward.
The upper imbalance zone near $18-$20 offers a significant target for future price action.
BPR (Break of Price Range): A key mid-zone around $15 provides a potential area for consolidation or retests before continuation.
Price Resistance: The $24 level serves as the ultimate resistance and long-term target for this bullish structure.
Strategy:
Entry: Look for accumulation around the $10-$12 support zone or after price shows confirmation of demand.
Targets:
First Target: $15 (Break of Price Range).
Second Target: $20 (upper imbalance zone).
Final Target: $24 (major resistance).
Stop Loss: Below $9 to minimize risk in case of invalidation.
Supporting Indicators:
RSI: Currently oversold, suggesting a potential reversal is imminent.
Volume: Increasing volume near key support levels signals institutional interest.
Long-Term Outlook:
SoundHound AI is building a strong technical foundation for a bullish trend. With its current structure, the stock offers a great risk-to-reward ratio for long-term investors. As the market rebalances imbalances and tests resistance zones, this could be a strong growth play.
What are your thoughts on this setup? Share your feedback and let’s discuss!
Trade safe and stay patient with the markets! 🚀
#SOUN #TechnicalAnalysis #BullishOutlook #TradingPlan #SupportResistance #AIStocks #LongTermInvesting
Here's my bullish analysis on SoundHound AI (SOUN), focusing on long-term potential based on key technical levels and market structure.
Key Observations:
Support Zone: The $10-$12 price level is a strong area of demand, aligning with a large imbalance zone. This area could act as a solid base for a future rally.
Imbalance Zones:
The lower imbalance zone suggests the price may seek to rebalance before a move upward.
The upper imbalance zone near $18-$20 offers a significant target for future price action.
BPR (Break of Price Range): A key mid-zone around $15 provides a potential area for consolidation or retests before continuation.
Price Resistance: The $24 level serves as the ultimate resistance and long-term target for this bullish structure.
Strategy:
Entry: Look for accumulation around the $10-$12 support zone or after price shows confirmation of demand.
Targets:
First Target: $15 (Break of Price Range).
Second Target: $20 (upper imbalance zone).
Final Target: $24 (major resistance).
Stop Loss: Below $9 to minimize risk in case of invalidation.
Supporting Indicators:
RSI: Currently oversold, suggesting a potential reversal is imminent.
Volume: Increasing volume near key support levels signals institutional interest.
Long-Term Outlook:
SoundHound AI is building a strong technical foundation for a bullish trend. With its current structure, the stock offers a great risk-to-reward ratio for long-term investors. As the market rebalances imbalances and tests resistance zones, this could be a strong growth play.
What are your thoughts on this setup? Share your feedback and let’s discuss!
Trade safe and stay patient with the markets! 🚀
#SOUN #TechnicalAnalysis #BullishOutlook #TradingPlan #SupportResistance #AIStocks #LongTermInvesting
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.