OM has experienced sharp fluctuations in the short term. Can it break through the $3.70 mark?

The current price of OM is $3.5302, with the highest price of the day being $3.6730 and the lowest price being $3.4605, showing a large volatility. Such a fluctuation range means that market sentiment is relatively active, but it also brings higher trading risks. For short-term traders, seizing the short-term fluctuations in the market may be the key to achieving profits.

Technical analysis:

Support and resistance:

Support level: The current low of $3.4605 forms a strong support. If the price moves down to this position, a rebound may form. The pullback near the support level is a potential opportunity for long positions. Resistance level: The highest price of the day at $3.6730 is close to the current resistance level. If this resistance is broken, OM is expected to continue to rise, and the target price can be seen at $3.75 or even higher.

Bollinger Band Analysis:

The upper track of the Bollinger Band is around $3.68. The current price is close to this position. If the price breaks through this resistance level, it may trigger a strong upward trend. The lower track is around $3.47. If the price falls below this position, downward pressure may be intensified.

RSI indicator:

RSI is currently around 63, showing a certain buying momentum, but it is still far from the overbought zone. If RSI continues to rise and approaches 70, it may lay the groundwork for a short-term correction. But if RSI starts to fall back, it may trigger a sell signal.

Short-term contract T+0 strategy:

Long strategy:

Entry position: If the price breaks through and stabilizes above $3.6730, it indicates that the market has further upward momentum. You can enter the market at this price and go long, with a target price of $3.75. Take profit position: The target price is $3.75. If it breaks through $3.75, it can continue to rise to $3.80. Stop loss position: If the price falls below $3.50, it is recommended to stop loss to prevent greater losses from market corrections.

Short-selling strategy:

Entry position: If the price fails to break through $3.6730 and there are signs of a pullback, you can enter the short position near $3.60, with a target price of $3.50. Take-profit position: The target price is $3.50. If the price falls below this position, you can continue to hold it until it reaches $3.47. Stop-loss position: If the price breaks through $3.70 and continues to rise, stop loss is recommended. $OM