Hello traders and investors! Let’s talk about ZOM again! It has been nearly one month since my last analysis, so, let’s see if it behaved accordingly to our logic. My previous analysis was public, and the link to it is below this post, as always.
First, the green line at $ 2.34 worked as a support, thanks to the Principle of Polarity, which we already discussed, and then it lost the support level at $ 2.13, and it just sought for the next support level.
It hit the support we were aiming in my last analysis at $ 1.48, and since then ZOM is reacting very well, as it is finally doing Higher highs/higher lows, a trait of a short-term bull trend in the 1h chart.
The daily chart is looking good too:
Here we see clearly how ZOM respected the $ 1.48, as it did very long shadows under the candlestick’s bodies every time it hit there. Clearly, there was a lot of buy force around this support. I only wish the volume to be higher.
We said that pullbacks to this level would only offer an opportunity to buy, and ZOM did it twice.
Since the beginning the odds were in the favor of the bulls. Now if ZOM defeats the $ 2.25 the next target will be the $ 2.90, as it would trigger a Double Bottom chart pattern. But I believe now it is not the time to buy ZOM, as the moment has passed. The good time to buy was near the $ 1.48. Remember, always buy near support levels.
Now is time to manage positions and keep our eyes in the $ 2.25. And if you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea if you liked it!
'Remember, always buy near support levels'... all said!
Nathan_Black
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@foxbelex, Thanks Fox! Yep, it is so simple, yet, a lot of people insist in buy near top levels.
Take care, my friend!
eduardofbernstein
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I definitely like you analysis. How can I see a new analysis of last Thursday April 1st? There is any? Also I have a year experience to understand what is important to know now, I’m straggling with the free version of tradingview trying to find level 2 live showing quantities of buy and sell orders. No luck with finding that yet on this free version.
'Remember, always buy near support levels'... all said!