ASX:Z1P seems to bounce back but is the savior clement enough to let it shine once again or is it a bull trap before a plunge deep down in the bears dale? Lets deep dive and analyze.
If you remember my last post on ASX:Z1P I mentioned that this stock was playing with fire writing a H&S or head and shoulder pattern. Eventually it got caught up in its games and it started dropping. But who stopped that drop?
You can see the big red line on my chart, that is Mr 200MA that said nah nah to bears and gave another chance to Z1P.
But can we say the worst is over and we bouncing back? Of course not, not until we have either consolidated at the 5.3$ levels for few days and at least close one daily candle above 5.540$.
Besides the bullish structure is broken and we need bulls to come back. Also reading the orders book I can see bears still in control for a 2/1 force.
Other points to notice, stock below 8 and 21 EMA so not looking good imo.
I will keep my eyes on this stock as historically it has been a source of juicy profits and will update you when I find any tradable structure.
Stay safe and keep smashing the likes.
XTF
If you remember my last post on ASX:Z1P I mentioned that this stock was playing with fire writing a H&S or head and shoulder pattern. Eventually it got caught up in its games and it started dropping. But who stopped that drop?
You can see the big red line on my chart, that is Mr 200MA that said nah nah to bears and gave another chance to Z1P.
But can we say the worst is over and we bouncing back? Of course not, not until we have either consolidated at the 5.3$ levels for few days and at least close one daily candle above 5.540$.
Besides the bullish structure is broken and we need bulls to come back. Also reading the orders book I can see bears still in control for a 2/1 force.
Other points to notice, stock below 8 and 21 EMA so not looking good imo.
I will keep my eyes on this stock as historically it has been a source of juicy profits and will update you when I find any tradable structure.
Stay safe and keep smashing the likes.
XTF