6OM trade ideas
OWENS & MINOR INC (OMI) - BreakoutMarket structure: Uptrend
Setup: Breakout
Currently market is in an uptrend, Price consolidating around 34.07 - 39.45, having a confluence of 20MA starting to support the price, looking forward for price to go higher if price break through 39.60 area.
Will trail stop loss accordingly to my trading rules.
Disclaimer: Below simple trading idea is just for sharing, please do your own due diligence and apply risk management.
OMI is bullish, flagging its way upward Sell zones and target indicated on the chart, buy the flag break out or the bottom of the flag channel with a stop at 21$
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This is only my own view and not a financial advice, do your own analysis before buying or selling
Happy Trading!
$OMI Long Idea1) Price is above the 13 sma for week and month
2) AO is positive for week and month
3) Elder Impulse is green for week and month
I have been in and out of this for the past year... if I had only hedl ;) Will look to get back in if I have the funds. Lets see if it can get back into the 40s.
Dogs can't operate medical equipment... But cats can. In summary, this company has alot of debt, but also a very favorable macroeconomic environment for right now as well. This could be the start of a new uptrend but it has risen at an astonishing level and should see a correction soon given the massive amount of overhead supply for this stock. No positions yet but watching closely.
TA+personal opinion=not investment advice / Best of Luck!
Owens and Minor Long AFThis is a stock with strong fundamentals. There are a few key things about this one.The true bottom should be the 30 week MA at 4.50 and that would be amazing getting in at that price but... I feel like this stock has held up pretty well in the recent whiplashes in the S&P 500 and more importantly the 30 week moving average is pointing it straight up so I believe this will not drop any further. If it does, then capitalizing on the drop by buying it would make sense, assuming the market itself isn't taking a shit. Furthermore, you can see the MACD signaled this a few weeks ago, I love the MACD community indicator by ChrisMoody because it shows you a green or red blob when it crosses over. Then promptly after the MACD signal, the RSI crossed over on it's average and it's now centered. I think this stock has the momentum to push up rapidly in price. It's hard to say but around 13-15$ seems chill for a short term sell goal.
Company raises earnings guidance for full-year 2020Company raises earnings guidance for full-year 2020
- expected to benefit from improved productivity and increased manufacturing output in response to unprecedented demand for personal protective equipment, an earlier than expected increase in elective procedures across much of the country, favorable product mix, and operating efficiencies.
-Additionally, the Company is revising its outlook for full-year adjusted net income from $0.50 to $0.60 per share on a constant currency basis to adjusted net income of $1.00 to $1.20 per share.
The Company expects that foreign currency will have a minimal impact on adjusted net income per share for the full year.
finance.yahoo.com
$OMI Quick Scalp$OMI
May investors liked the price in the small range higher from where it currently is.
Looks like there is an opportunity to be able to scalp a quick 3-5% on the stock if it is able to move over 7.75 (.5 FIB)
Stock appears to be slower moving than the rest of the market.
Would use a hard stop loss of 6.90.
MACD and SMI both are sending bullish signals. It does appear that the 3 past price spikes get sold off pretty quick so be quick when you see profit.
OMI Channel/Wedge Breakout Maker of wide array of medical equipment seems to not have participated much in the Covid hype, my guess is it catches up.
Why do I make such a bold claim?
8 months consolidation atop 200 day MA with 200 MA beginning to slope upward
Upper trend of parallel channel now acting as support
Shorter term wedge breakout has occurred (actually a little late to the party with stock up 11% today)
RSI breakout appears to me to be set to occur upon break of longer term downward trend line, weekly chart shows 8 month RSI upside breakout imminent
Confident buy above $8, and especially if you see your other Covid PPE faves popping ($APT, $LAKE, etc)
Of course the gap between $10 and $14 is something to consider.