Looking at Zynga, There is an ascending channel/triangle pattern, hourly chart.
the top resistance line intersects with the next Fib extension after we retest the support line. Has been ascending in the same channel since retracement (completed on Jun 5th).
Based on the chart pattern I am looking at a bounce to the .786 line, retest of support and then continuing upwards.
Based on the wave analysis and the rsi dropping to oversold (only holds true if RSI drops into oversold territory and chart doesnt break rsupport line), we could see an extension to the 1.618 level ($10.70 ish) before July.
look for bounce off the support line before going long.
this is just based on chart analysis and doesn't reflect any investment advice, make your own decision and please share your thoughts.
the top resistance line intersects with the next Fib extension after we retest the support line. Has been ascending in the same channel since retracement (completed on Jun 5th).
Based on the chart pattern I am looking at a bounce to the .786 line, retest of support and then continuing upwards.
Based on the wave analysis and the rsi dropping to oversold (only holds true if RSI drops into oversold territory and chart doesnt break rsupport line), we could see an extension to the 1.618 level ($10.70 ish) before July.
look for bounce off the support line before going long.
this is just based on chart analysis and doesn't reflect any investment advice, make your own decision and please share your thoughts.
Comment:
Hello,
I hope to keep updating this post as the trade progresses. If you agree or are following/in the trade I would appreciate a "like".
Anyways, as per my earlier post, ZNGA touched on the support @ $9.50 and climbed.
Right now I think we are looking at an RTM pattern which should hopefully bounce around the $9.50 - $9.53 point.
NDX looks a little wary today so I'm not extremely confident the next leg wil push all the way to the resistance, but that is the assumption.
Hoping that we bounce a couple of times and take out the upper resistance late tomorrow or on monday.
I hope to keep updating this post as the trade progresses. If you agree or are following/in the trade I would appreciate a "like".
Anyways, as per my earlier post, ZNGA touched on the support @ $9.50 and climbed.
Right now I think we are looking at an RTM pattern which should hopefully bounce around the $9.50 - $9.53 point.
NDX looks a little wary today so I'm not extremely confident the next leg wil push all the way to the resistance, but that is the assumption.
Hoping that we bounce a couple of times and take out the upper resistance late tomorrow or on monday.
again not trading advice but I am increasing my position if support at $9.50 holds