An intraday timeframe (6 hour) chart of Zynga Inc . is presented in today’s analysis.The uptrending action in price since November 2018 is highlighted with the use of a trendline. The 50 moving average and 200 moving average (MA) are also used for the purpose of following the current .
Zynga ( ZNGA ) reached a price peak of 6.62 on August 1, 2019 that was followed immediately by a sell off. The ensuing selloff after the August 1 peak did close below the 200 MA, which implies a bias. However, the trendline as drawn indicates the selloff consolidating and successfully testing the long term trendline.
Evidence of a successful test at support (long term trendline) includes bottoming price action (i.e. consolidation) and lack of continuation of downside market action. Also worthy of note is the formation of what is rather known as a bottom chart pattern (not shown here) at the long term trendline that lasted between August 16, 2019 and September 13, 2019 that saw price action break out of the pattern to the upside.
Zynga close the day at 6.04 which on the 6 hour timeframe is trading right under its 200 moving average. Continuation after breakout from the bottom chart pattern (ideally ) would require Zynga Inc . ( ZNGA ) to trade and also close above its 6 hour timeframe 200 moving average.
5.51 and 5.66 provide a for price which also coincides with its long term trendline. Lack of a break above the 200 moving average could see price return to the aforementioned . A break below 5.51 implies resumption of momentum and further lower prices to be anticipated.
The minimum target for the current analysis for Zynga is 6.96 with 7.35 and even 8.49 representing higher price targets or levels.