Zomedica Pharmaceuticals Corp stock price up 2.97% on Tuesday (Updated on August 31, 2021)
Buy or Hold candidate since 2021-08-25 Gain 9.95% PDF
The Zomedica Pharmaceuticals Corp stock price gained 2.97% on the last trading day (Tuesday, 31st Aug 2021), rising from $0.62 to $0.64. During the day the stock fluctuated 8.20% from a day low at $0.61 to a day high of $0.66. The price has risen in 7 of the last 10 days and is up by 38.92% over the past 2 weeks. Volume fell on the last day by -7 million shares and in total, 34 million shares were bought and sold for approximately $21.87 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $0.67 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -41.65% during the next 3 months and, with a 90% probability hold a price between $0.23 and $0.39 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.
Signals & Forecast
The Zomedica Pharmaceuticals Corp stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.59 and $0.58. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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, August 26, 2021, and so far it has fallen -7.58%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss
Zomedica Pharmaceuticals Corp finds support from accumulated volume at $0.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be very high risk. During the last day, the stock moved $0.0500 between high and low, or 8.20%. For the last week, the stock has had a daily average volatility of 17.11%.
Our recommended stop-loss: $0.60 (-5.36%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 3 days ago.)
Is Zomedica Pharmaceuticals Corp stock A Buy?
Zomedica Pharmaceuticals Corp holds several positive signals, but we still dont 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.
Current score: -0.434
Predicted Opening Price for Zomedica Pharmaceuticals Corp of Wednesday, September 1, 2021
The predicted opening price is based on yesterdays movements between high, low, and the closing price.
|Fair opening price September 1, 2021||Current price|
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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.
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