Down Trend Confirmation, Next Buying Opportunity $4.65 Zone
Bearish trend confirmation indications:
1. Formed Head & Shoulders and breaking the neck line
2. From last 6 weeks consolidating below the neck line, which make a zone of 6.75 - 4.75 which is a "NO TRADE ZONE" for us, we let Bulls & Bears decide.
3. Closing below the high volume price range that is $6.06
4. Next major support is at 4.65 range, which can be a good buying opportunity.
5. After 4.65 next major support is at 3.76, which can be a significant support and Best Buy zone.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
1. Formed Head & Shoulders and breaking the neck line
2. From last 6 weeks consolidating below the neck line, which make a zone of 6.75 - 4.75 which is a "NO TRADE ZONE" for us, we let Bulls & Bears decide.
3. Closing below the high volume price range that is $6.06
4. Next major support is at 4.65 range, which can be a good buying opportunity.
5. After 4.65 next major support is at 3.76, which can be a significant support and Best Buy zone.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Comment:
Z1P currently under selling pressure
Comment:
Z1P is still under pressure.
Comment:
Today was also a down day for Z!P. Waiting to see how it develops.
Comment:
Good... Price coming down as expected.
Comment:
Z1P has printed a green candle after consolidating. Lets see what it does now. Its at a critical level and have to see what it does next.
Comment:
Comment:
Price after breaking the Neckline is now in consolidation within the descending wedge pattern and is reaching the Buy Zone slowly. I still expect price to dip below and come into the Buy Zone of $3.80 - $4.80 range (my Ideal Zone) where I would be a buyer after Bullish Price Action. There is a huge price gap window ( $3.80 - $4.80) range which I would like to be closed for further confidence.
Comment:
Trade active:
As we can see that price failed to slip lower after the break of the Head and Shoulders Neckline, infact it formed a descending wedge and has come out of the the pattern with slightly above average volume after lots of consolidation.
Technically Descending Wedges are patterns developed at the end of the corrections or waves. This is also formed with its apex ending right at 61.8% Fib Retracement which is a Bullish Sign. We might see a thrust to the upside soon.
Technically Descending Wedges are patterns developed at the end of the corrections or waves. This is also formed with its apex ending right at 61.8% Fib Retracement which is a Bullish Sign. We might see a thrust to the upside soon.
Comment:
As price has broken out of the Descending Wedge, I am expecting the wave to continue to the upside. Lets see how it develops.
Comment:
Comment:
As expected, we witnessed a spectacular breakout and a rally last week, it is a possibility though that we may see a little retracement to Backtest the Trendline Support around $6.60 - $6.70 before it takes off towards the Target level of $10.00.
