Omega Diagnostics Group Plc stock (LSE:ODX) is a bear market, and the bearishness is expected to continue. The current bullish effort is merely a ruse, in an attempt to trap buyers in what will end up being a short-term rally in the context of a downtrend.
Price has been falling from April 2021 till now.
In the chart, ADX period 14 has its line around the level 30, which means there is a considerable amount of momentum in the market right now. Its DM- remains above its DM+. That is a bearish signal. The MACD, default parameters, has both its signal lines and histogram above the zero line. All this shows that there is a Bearish Confirmation Pattern in the market.
It does not make sense to go long in this market. Rather, once should use the opportunity of the current candlestick to go short, for the outlook on the market remains bearish, and ODX may reach the support levels at 45.00, 40.00 and 35.00 within the next several months.
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