- Oxford Nanopore Technologies released its H1-2023 financial report.
- ONT stock suddenly dropped 10% in the current intraday session.
- ONT stock formed a double top pattern in June-July 2023.
Oxford Nanopore Technologies PLC is a UK-based company that develops proprietary technology platforms for the electronic analysis of single molecules. It has developed instruments like GridIONTM and MinIONTM, which are resilient for analyzing DNA, RNA, proteins, macromolecules, and other types of molecules.
ONT stock decreased by 8.4% in the intraday session and is trading at £211.8. The weekly return of 9.61% demonstrates that the price has suffered tremendously. If the ongoing downfall sustains, the price might drop towards £200. On the contrary, if the ongoing bearish sentiment is reversed by hefty bullish strength, the price might surge toward £240.
In the long term, the stock experienced a “Double Top” pattern from June to July. The ONT stock price formed a U curve with a pier of top stops at the £275 resistance level and a down curve bottom at the £209 support level. However, the price shattered afterward, indicating that bulls could not sustain high resistance levels.
2023 Financial Report Of ONT Stock
Oxford Nanopore Technologies released its first half-yearly financial report on 6 September 2023, reflecting a slight decrease in revenue compared to the estimated revenue. However, the reported EPS surpassed the estimated EPS by a whopping increase of 214.29%.
The stock price has dropped by roughly 10% due to the release of the H1-2023 consensus. Moreover, the reported revenue of £86.00 Million reflects a slight loss compared to the estimated £86.25 Million. Meanwhile, the reported £0.08 EPS surpassed the estimated EPS of -£0.07.
ONT stock price hovers below the 20, 50, 100, and 200-day EMAs, indicating intense weakness and a sudden increase in sellers’ involvement in the price action.
The current score of RSI is 26.72 points, denoting that ONT stock price is in an oversold region and there is a high possibility that the price might face a relief rally soon.
The CMF (Chaikin Money Flow) score is -0.10, showing heavy participation of bears during the intraday session. The short-term and long-term trends favor bears, and this points to the rise of sellers’ participation in the market.
Conclusion
Oxford Nanopore Technologies PLC (ONT) stock has undergone a rollercoaster ride over the course of this year. Initially, it faced a downtrend at the start of 2023, then rebounded with an upward trajectory. However, it later encountered a U-shaped bearish double top pattern. Currently, it seems to be following a similar downtrend pattern as observed at the beginning of 2023, creating a sense of déjà vu in the stock’s price movement.
Technical Levels
Major resistance: £294.6 and £279.0
Major support: £169.6 and £208.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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