ZKIN has broken out from the uptrend channel to the upside and has managed to sustain above the weekly key resistance, which now acts as support located at $2.00 per share.
Today the company has released a positive PR report which resulted in the price spike with over 50% increase. Unfortunately for bulls, this rally was sold.
The price action seems to be forming a rounding bottom bullish pattern.
The price continues to find dynamic support at 20 daily EMA, where the dips are being bought, which is an ideal place to load up some ZKIN shares based on the technical analysis.
RSI is trending higher and the fact that daily RSI is above 60 means that this stock is currently in high volume trading zone.
MACD gave a buy signal at certain height which can result in a strong move to the upside, a close above $2.20 will confirm this outlook.
Upcoming resistance lines are located at:
$2.20 4%
$2.40 13%
$2.60 23%
$3.15 49%
$4.00 90%
Over 6 millions in volume was seen today and the volume is likely to increase in the upcoming days.
If you are looking to get into this train, I would suggest based on technical analysis to buy the break of $2.40 or buy at the daily 20 EMA.
Good luck if you are going to trade this stock!
Tibor
Today the company has released a positive PR report which resulted in the price spike with over 50% increase. Unfortunately for bulls, this rally was sold.
The price action seems to be forming a rounding bottom bullish pattern.
The price continues to find dynamic support at 20 daily EMA, where the dips are being bought, which is an ideal place to load up some ZKIN shares based on the technical analysis.
RSI is trending higher and the fact that daily RSI is above 60 means that this stock is currently in high volume trading zone.
MACD gave a buy signal at certain height which can result in a strong move to the upside, a close above $2.20 will confirm this outlook.
Upcoming resistance lines are located at:
$2.20 4%
$2.40 13%
$2.60 23%
$3.15 49%
$4.00 90%
Over 6 millions in volume was seen today and the volume is likely to increase in the upcoming days.
If you are looking to get into this train, I would suggest based on technical analysis to buy the break of $2.40 or buy at the daily 20 EMA.
Good luck if you are going to trade this stock!
Tibor
