jeffsuntrading

US Stock In Play: $ZG (Zillow Group Inc)

Long
NASDAQ:ZG   ZILLOW GROUP INC
$ZG exhibited a well respected trend channel since April 2020, a significant 8 months duration. It underwent a technical sell off of -15.76%, on 9th November 2020, with price action being resisted at its upper trendline.

The exhaustion of the selling was witnessed during the afternoon session of 10th November 2020, with $ZG closing the day with a Bullish Reversal Hammer Candlestick Pattern (highlighted), coinciding with the lower band support of the trend channel.

The continuation of this all time high breakout rally is likely to see $ZG test its upper trendline resistance at $135.00 in the upcoming week.

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