$OM CONSOLIDATES AFTER RECENT SPIKE – CRUCIAL SUPPORT ZONE TESTED!
$OM is currently trading at $4.0556, showing mild consolidation after hitting a recent high of $4.1431. This pullback comes after a sharp rally from the low of $3.9769, reflecting steady buying pressure earlier in the session. The support level at $4.0222 now plays a critical role in determining OM's next move, as bulls aim to defend this zone and push for a retest of resistance.
The Relative Strength Index (RSI) sits at 41, signaling room for a potential upward bounce if the support holds. On the other hand, a failure to sustain above $4.0222 could lead to a retest of the lower range near $3.9769. Traders should watch for a reclaim of the resistance at $4.0747 to confirm renewed bullish strength.
The market structure suggests a key decision point, with bulls needing to maintain momentum to avoid further pullbacks. Monitoring these levels will provide clarity on OM’s next move.