- Zomedica stock price fell 11.90% in March 2023.
- ZOM stock rejected the 200 day EMA and dropped below the 50 day EMA showcase downtrend.
- ZOM stock price approaching 52 week low at $0.15.
Zomedica stock price fell 11.90% approx in the previous month and slipped down by forming lower low swings. ZOM stock price trading below the 50 and 200 day EMA showcase positional trend is on the downward direction. ZOM stock is approaching its 52 week low which might act as an important support zone for the bullish traders.
Zomedica stock price closed the previous session at $0.2016 with an intraday rise of 1.72% and market capitalization stands at $201.71 Million. At the beginning of January, ZOM stock witnessed a massive spike in the trading volume and prices surged 21.97% on a single day. Later, prices continued to rise and rallied 30% approx in the short span of time.
At the mid of January, ZOM stock attempted to break the $0.3000 hurdle but the attempt was not successful and prices faced rejection from the higher levels. ZOM stock consolidated for a few weeks in the range between $0.2500 to $0.3000 in hope of range expansion. Sadly, prices drop below the lower range and begin to expand in a downward direction.
Will Zomedica stock recover from the demand zone?
Zomedica stock tried to hold the EMAs but due to sell off in the global market, prices dropped below 50 day EMA which invites further decline. The trading volume in ZOM stock also in a declining phase shows prices might enter into wide range consolidation.
ZOM stock price is near to the 52 week low and bears might try to pull the price down towards new yearly lows. The technical analysis suggests ZOM stock is in downtrend and probability of rebound is low. However, if the overall market sentiment recovers then ZOM stock might trigger a short term relief rally from the lower levels.
ZOM stock price: Technical Outlook
ZOM stock price is in bear grip and any short term pull back rally will have low possibility of sustaining the higher levels. However, if the buyers succeed to push the price above the 200 day EMA then prices might try to hit the $0.3000 mark.
The technical indicators like MACD had generated a negative crossover but the curve is sloping sideways indicating consolidation. The RSI at 39 near the oversold zone pointing north denotes prices may try to test the neutral territory.
Conclusion
Zomedica stock price is in downtrend and no signs of positive recovery is visible on charts. However, the prices are near the oversold zone and short term pull back or narrow range consolidation is possible. The technical analysis suggests, ZOM stock price is in bear grip and the probability of the rebound is low until it tests the yearly lows.
Technical levels
Resistance levels : $0.3000 and $0.4000
Support levels : $0.1500 and $0.1000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.