The charts dont lie. ASX:Z1P is drawing one hell of chart pattern if it is confirmed, ASX:Z1P bulls may have hard time. This pattern is none other than H&S . From ZIP has been hovering above 6$ for a while but apparently things start taking another dimension. It is not only hanging on a thread but also looks like it is waving bye bye to the extension we saw above 6$ and to the bull trend if the 5.8$ barrier is broken.
The chart shows it all and the H&S neckline is broken we may see price falling to the level seen earlier in May 2020. I am not excluding seeing the 3.7$ level where we have a strong base and support for this stock to prepare for further attacks towards the 10$ range. Also, remember of the gap between 3.7$ and 4.7$, although gaps dont necessarily have to fill, they most of the time fill, maybe this stock want to fill the gap. For now I am waiting for next few days to see if 5.54$ will be reached and to see if it will hold. If it does, I may open a small position that can be scaled if 6.3$ is taken.
I will keep you posted for any small change on this stock. For now it will stay on my RADARs. Stay safe.
You were absolutely spot-on. Today it has closed at $5.53.
what do you think would it:
1. change its trend from here and go upwards?
2. Or it continue going down and get support at $4.60 range or still bound to touch $3.7 zone?
xtf_ze_trader
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Plunge is still possible till this stock closes a couple of days above 6.3$. But all will depend on the market sentiment, so far bulls are back in business.
WalkerCW
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Nice post! What does the positive bounce over the last few days mean? Temporary delay in the plunge or a breaking of the trend? How likely is the gap to fill (i.e. 3.7$)?
what do you think would it:
1. change its trend from here and go upwards?
2. Or it continue going down and get support at $4.60 range or still bound to touch $3.7 zone?