High volatility in Zomedica Pharmaceuticals Corp stock price on Friday which ended trading at $0.91

The Zomedica Pharmaceuticals Corp stock price fell by -6.09% on the last day (Friday, 4th Jun 2021) from $0.97 to $0.91. During the day the stock fluctuated 15.49% from a day low at $0.90 to a day high of $1.04. The price has been going up and down for this period, and there has been a 15.44% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -82 million shares and in total, 62 million shares were bought and sold for approximately $56.78 million.

HC Wainwright is very positive about ZOM and gave it a "Buy" rating on November 16, 2020. The price target was changed from $0.50 to $0.30.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.12 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Due to the high volatility and the trend direction we are not able to give forecast range for this stock.

The Zomedica Pharmaceuticals Corp stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.86 and $0.87. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 03, 2021, and so far it has fallen -6.09%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $0.85 and $0.85.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Zomedica Pharmaceuticals Corp finds support just below today's level at $0.85. If this is broken, then the next support from accumulated volume will be at $0.85 and $0.83.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.14 between high and low, or 15.49%. For the last week, the stock has had a daily average volatility of 12.54%.

Zomedica Pharmaceuticals Corp holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.