Polarean Imaging Plc shares (LSE:POLX) are currently in a serious bearish mode. Price was essentially flat from May 2021 to September before the current collapse in the market, which we are currently experiencing.
4 EMAs are used for this analysis and they are EMAs 10, 20, 50, and 200. The color that stands for each EMA is shown at the top left part of the chart.
Owing to the sudden, surprise dump we see in the market, things have suddenly become bearish. The EMA 200 has had the price go below it – an even that has cleanly resulted in a Death Cross. Further downward movement is expected in the market.
Unless price goes above the EMA 200 and later, above the EMA 50, going long in this market would not be prudent.
The outlook on POLX is bearish for the rest of this year and the support levels at 40.00, 35.00 and 30.00 can still be tested within the next several months.
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