ZOM hits lows and bounces back hard
I will admit if a trade doesn't come to what I think it will do I'll say im wrong, but that's the beauty of tradingview and how we can share ideas. I still remain skeptical of the current price action and have give a range of price movement of the current price. As a trader watching on the sidelines I still believe for a new/long term trade is wait till earnings. This movement up is unknown why its pumping but a few reasons may be the cause
Why is this pumping?
-Whole market is recovering at this time and biotech/pennystocks are feeling some love which were one of the worst hit sectors.
-Past buyers bought the dip and has had an amazing bounce back, which I will talk about in the TA portion.
-The sentiment around ZOM was negative people panic sold from $1.15 too .73, which caused the sellers to be exhausted. With no more sellers the price rebounded and fomo struck.
TA: Its interesting cause the chart goes aganist the news, so an idea of this is a short squeeze to exit positions. Who knows
-April 22, we skyrocketed towards the 50ema and held causing a bullish reversal in the RSI as it held
-RSI leads bullish with the current movement of the stock
-Resistance is at 1.41, but could say its at 1.18 with past high or go off the emas, which is at 1.13 and 1.29
-Support would be at the 50 ema .97/.96 or slightly before at 1.01 which could be a dip opportunity.
-If the trade goes south you could experience a 29%-74% lost with an upside of 124% going back to ath
Final thoughts
I'll remain skeptical of this pump till er, since again it could be a pump to have people fomo and sell into the buyers or just exhaustion from the months of downward movement. With TA however it remains bullish/neutral
Why is this pumping?
-Whole market is recovering at this time and biotech/pennystocks are feeling some love which were one of the worst hit sectors.
-Past buyers bought the dip and has had an amazing bounce back, which I will talk about in the TA portion.
-The sentiment around ZOM was negative people panic sold from $1.15 too .73, which caused the sellers to be exhausted. With no more sellers the price rebounded and fomo struck.
TA: Its interesting cause the chart goes aganist the news, so an idea of this is a short squeeze to exit positions. Who knows
-April 22, we skyrocketed towards the 50ema and held causing a bullish reversal in the RSI as it held
-RSI leads bullish with the current movement of the stock
-Resistance is at 1.41, but could say its at 1.18 with past high or go off the emas, which is at 1.13 and 1.29
-Support would be at the 50 ema .97/.96 or slightly before at 1.01 which could be a dip opportunity.
-If the trade goes south you could experience a 29%-74% lost with an upside of 124% going back to ath
Final thoughts
I'll remain skeptical of this pump till er, since again it could be a pump to have people fomo and sell into the buyers or just exhaustion from the months of downward movement. With TA however it remains bullish/neutral
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