Zomedica Pharmaceuticals Corp stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.StockInvest.us, 4 months ago
The Zomedica Pharmaceuticals Corp stock price fell by -4.31% on the last day (Tuesday, 15th Jun 2021) from $0.95 to $0.91. and has now fallen 3 days in a row. During the day the stock fluctuated 7.81% from a day low at $0.88 to a day high of $0.95. The price has been going up and down for this period, and there has been a 9.84% 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 -2 million shares and in total, 28 million shares were bought and sold for approximately $25.12 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 in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -47.82% during the next 3 months and, with a 90% probability hold a price between $0.18 and $0.62 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
The Zomedica Pharmaceuticals Corp stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.95. On a fall, the stock will find some support from the long-term average at approximately $0.88. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 25.66%. Further rise is indicated until a new top pivot has been found. 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. 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 may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0689 between high and low, or 7.81%. For the last week, the stock has had a daily average volatility of 6.03%.
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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Zomedica Pharmaceuticals Corp forecast and analysis here.