The Stoch RSI shows that we still may have some power for a move up, but volume has been on the decline, even if it is still well above average. In addition, we're looking pretty extended on the daily chart. I closed half my position in anticipation of a potential retrace, before a new leg up.
I have studied ZYNE's historical movements, and its behaviour is quite predictable, once you figure out which way she wants to go.
For Monday, if there will be another leg up, we're likely to see her bounce on $10.34. If the bulls are exhausted for now, we'll see a short term retrace to $9.90 and $9.40, and if the consolidation period lasts longer, we may see $8.75 again.
We have seen that ZYNE doesn't need a lot of volume to move up. If we look at the start of the current uptrend, there is an extended daily candle on the second day, that saw a bullish follow up, the day after, with just half the volume. Looking at the half way retrace, she bounced on the 12EMA. That will be around $9.40, this time.
I'll continue this with a longer term FIB retracement overview.
I have studied ZYNE's historical movements, and its behaviour is quite predictable, once you figure out which way she wants to go.
For Monday, if there will be another leg up, we're likely to see her bounce on $10.34. If the bulls are exhausted for now, we'll see a short term retrace to $9.90 and $9.40, and if the consolidation period lasts longer, we may see $8.75 again.
We have seen that ZYNE doesn't need a lot of volume to move up. If we look at the start of the current uptrend, there is an extended daily candle on the second day, that saw a bullish follow up, the day after, with just half the volume. Looking at the half way retrace, she bounced on the 12EMA. That will be around $9.40, this time.
I'll continue this with a longer term FIB retracement overview.
Comment:
Looking at the weekly charts and EMA's, it is clear that we may be looking at the start of a long term bullish trend. Congratulations to the bulls that got in early.
Looking at the weekly charts and EMA's, it is clear that we may be looking at the start of a long term bullish trend. Congratulations to the bulls that got in early.
Comment:
And even the monthly charts confirm that we may be at entry levels still. When CBD gets legalised, hopefully later this year, ZYNE will be one of the major contenders. Long ZYNE is definitely a smart play.
And even the monthly charts confirm that we may be at entry levels still. When CBD gets legalised, hopefully later this year, ZYNE will be one of the major contenders. Long ZYNE is definitely a smart play.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
I think that we should register that ZYNE set a daily higher high, while the RSI remained flat. This could be a sign of underlying weakness, confirming that the bulls are temporarily exhausted, but the Stoch did set a higher high, suggesting that the RSI moves are just a result of selling pressure in the second half of the day.
We'll need to follow closely to decide short term direction. There has been heavy profit taking yesterday, with more than a 1.5M shares sold off. It is hard to say what Monday will bring. Bulls will have to break $11.80 with volume, otherwise we may see a wedge between a lower high and $10.34, which is the level to hold.