ZOO
is holding at the £1.00 round number support zone. Price is also at a previous resistance level turned support which we also want to see hold price up.
On the Weekly and Daily chart we can see price is above the 50 & 200 simple moving averages, which means that the overall trend is bullish.
From October 2017 to January 2018 price was in consolidation but now price has formed a nice trend and we just need to now wait for a breakout to confirm the resumption of the bullish trend.
In October 2003 price made an all-time high of £16.69 so there is a lot of room for price to move before it reaches that area, so there is potentially a lot of profit to gain before then.
The next major area of resistance will be the psychological £10.00 round number.
As this recent pullback is not too far from the previous high, it would be best to wait for a breakout before looking to take a trade.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading