Omega Navigation Enterprises,Inc. (NASDAQ:ONAV)

Q: Hi,

I would like to know what's the trend looking like for ONAV in the next 2-3 weeks? As you probably know, yeasterday it settled way at the bottom. Thank you.

A: We issued a Downtrend for ONAV on 6/17 @ $4.53 just after it crossed below 50-day moving average support.  Stock is looking to find some support near the March lows of $3.50.  So it may trade sideways for a while as the broader market tries to find some direction.  But those March lows need to hold.  The 50-day moving average is now at $4.48 which is going to be resistance in the short term.