Triggers25 Jan 2021 08:16
I’ve reposted this from 8 Sept below. It was pretty accurate then. Does this still apply?
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What next for 10-bagger Omega Diagnostics?
by Alistair Strang from Trends and Targets | 8th September 2020 10:14
Share on:
With its shares up from 6p in March to over 60p now, this chartist thinks this might happen next.
Quite a few contenders have popped up in the “Me Too” stakes with Covid-19. It’s probably worth examining Omega Diagnostics Group's (LSE:ODX) website, as they are not exactly new to the diagnostic game, a company with which we were already familiar due to their work in the allergen field. All it took was a global pandemic to make their share price “sexy” and of interest to traders!
We’re able to identify a key share price trigger level at 73.5p, our software assuring us movement above this level should produce results. At present, the share is trading at around the 65p level, so it’s doubtless worth keeping an eye open in the days ahead.
Should the price exceed 73.5p, we’re able to calculate an initial target level at 87p with secondary, if exceeded, working out at a longer term (or next day in current conditions!) 93p.
The secondary is especially interesting, representing a new all-time high for the share and taking it into a region where we can present a distant looking 114p as the highest level we can actually calculate. Please remember, there is absolutely no rule inhibiting a share price bettering our “maximum” levels but, invariably, this will represent a point around which some turbulence is possible.
For it all to go wrong, we’d certainly raise an eyebrow if the price managed below the red line on the chart below. Despite present trading conditions often greatly diluting the effects of pretty trend lines, weakness below the 50p level would be a worry, carrying the risk of reversal to 38p and hopefully a proper bounce.
The implications, should 38p break, calculate as dire and suggest something quite dreadful would need occur to justify our ultimate bottom number of 3.6p.