Hello traders and investors! Let’s talk about ZOM today!
Well, we have a very strong support level around this black line at $ 1.48, and it is not by chance. This support level is the most important key point to keep our eyes on in the next few days, and the relevance of this support is better seen from the daily perspective.
But before we see the daily chart, it is important to notice that ZOM hit this support level several times, but we are still in a short-term bear trend, and there’s no reversal sign ahead.
Now, the daily chart:
Yes, the $ 1.48 is a key point since January, as it was a previous top level, and we have a gap there as well.
There’s no reaction in the daily chart as well, but it is hard to imagine ZOM doing anything interesting with the volume so low as it is right now. Meaning, although we don’t have any bullish sign for a reversal, I can’t be convinced by a breakout from such an important support level with low volume.
All of this tells me that now is the time to wait on ZOM, as if we see any bullish structure around, it could be a great excuse to buy ZOM at a nice price, with a good Risk/Reward ratio. The optimal target would be the $ 2.90 area, but we have minor resistances that could work as targets as well.
If you want to keep in touch with my daily analyses, remember to follow me! And please, support this idea if you liked it!