Zomedica Corp. was founded on 7 January, 2013. The company was founded by Gerald L. Solensky. Zomedica Corp. is a veterinary health company, which deals with the discovery, development, and commercialization of pharmaceuticals for pets. It provides products for dogs and cats by focusing on the unmet needs of clinical veterinarians.
In January 2023, ZOM’s price closed above the $0.2800 resistance level but failed to sustain the breakout, resulting in a fakeout, and the price was rejected to $0.2315. Subsequently, the price formed a Descending Triangle pattern, which is considered a bearish pattern.
In March, the price broke down from the Descending Triangle pattern and has since been trading within a range. The resistance level is at $0.2315, while the support level is at $0.1883. This range-bound movement has persisted for approximately five months.
In July, ZOM’s price once again closed above the $0.2315 resistance level but could not sustain the breakout, leading to another fakeout. After the rejection, the price is currently trading below the $0.2315 resistance level.
If the price successfully closes above and sustains above the $0.2315 resistance level, it may continue its upward movement towards the next resistance at $0.2800. On the other hand, if the price closes below and sustains below the $0.1883 support level, it could lead to a further decline, potentially targeting the next support level at $0.1581.
The price of ZOM is currently trading between the 50 EMA (yellow line) and the 200 EMA (red line), both of which are moving sideways. This indicates an indecisive phase in the market, with no clear trend direction.
The SuperTrend indicator continues to signal a bullish sentiment for ZOM stock as the price remains above the green line. This suggests a positive trend, with buyers currently dominating the market.
The relative strength index (RSI) is currently at 51.59, indicating that the price is in the neutral territory. This means that there is an equal amount of pressure from both buyers and sellers, resulting in a balanced market.
The ZOM price and the market structure is an indecisive phase as the price is consolidating in the range between $0.2315 to $.1883. The indicators mentioned above have not shown any major signs regarding the future direction of the price.
Resistance levels:$0.2315 and $0.2800
Support levels: $0.1833 and $0.1581
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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