tradersmentality

ZYNE strong bull breakout or trading range?

NASDAQ:ZYNE   ZYNERBA PHARMACEUTICALS INC
Although $ZYNE is developing some bull strength, it is still in a large bear trend or trading range. The bulls reversed the market up on the monthly chart from a large high 2, and will probably get some form of a second leg up. However since the IPO this market has been sideways to down, decreasing the likelihood of a strong bull trend developing. The bulls need strong follow through above the 25 lower high and a strong breakout above the all time high in order to convert into a bull trend. Instead, there will likely be resistance around the $23 bear gap, bulls will take profits and bears will try to form a lower high and bear trend continuation.

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