ZIL broke out of the channel yesterday and seems to be creating a new one on top of the old one. Might be too early to tell though as we need confirmation in the form of a clear bounce to the upside from the "old resistance" and possible new support at the current level. A clear bounce could shoot us right back up. A fail to hold this new support could force us back in the old channel. So I will be watching this closely...
Comment:
It clearly bounced of the former resistance (upper former channel ) line as expected. Expect a new move to the upside soon. The new high of this move (and retracement level after that) will give us insight in where we are heading in the near future.
Comment:
Retesting now.... lets see if it holds
