This week, Yoma catches my attention on a spike in share price, accompanied with an expansion in volume. Let’s take a look.
Yoma’s chart has been on a short-term uptrend since 24 Mar. ADX last trades 22.2, amid positively placed Dis, indicative of a trend. Its short term exponential moving averages (“EMA”) are rising steadily and its long term moving averages (namely 200D EMA and 200D SMA) are plateauing. Indicators such as OBV and RSI are strengthening. Volume has picked up significantly today and yesterday which may signify good odds of breaching its key resistance $0.275 – 0.280 (confluence of 200D EMA + medium term down trend line). A sustained upside breakout above $0.280 with volume expansion is very bullish whereas a sustained downwards break below $0.240 with volume expansion negates the bullish setup.
Near term supports: $0.255 / 0.245 / 0.240
Near term resistances: $0.275 – 0.280 / 0.300 / 0.310
Chart 1: On the verge of testing its strong resistance $0.275 – 0.280
Source: InvestingNote 23 Jun 20
The above is written on the basis of technical chart only. As everybody is different in terms of their percentage invested, returns expectation, risk profile, investment horizon, personal market outlook etc., do exercise your independent judgement and make your own independent decisions.
P.S: I am vested for trading purposes only.
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