$JSEOMN - Omnia: Bullish Wedge Breakout, MACD/Price Convergence
On 19.06.2023 Omnia released a good set of FY23 results.
Revenue: +24%
Operating Profit: +19%
HEPS: +10%
NAV: +2%
The share has experienced a 1 year bear market, down 38% from the June 2022 peak of 8775 to the recent low of 5434.
During this period, price has been contained in a falling wedge pattern, which is generally bullish once there is a clear breakout.
What is further encouraging is that the MACD has been making higher lows as price kept making lower lows creating bullish convergence indicating that selling momentum is waning.
The share caught a bid at 5434 and in the short-term this is the critical stop-loss level.
Revenue: +24%
Operating Profit: +19%
HEPS: +10%
NAV: +2%
The share has experienced a 1 year bear market, down 38% from the June 2022 peak of 8775 to the recent low of 5434.
During this period, price has been contained in a falling wedge pattern, which is generally bullish once there is a clear breakout.
What is further encouraging is that the MACD has been making higher lows as price kept making lower lows creating bullish convergence indicating that selling momentum is waning.
The share caught a bid at 5434 and in the short-term this is the critical stop-loss level.
