Zynga Stock Price: Intraday Analysis and Bullish Bias….
Conclusion for today’s Zynga Inc Intraday analysis: Bullish momentum is expected to continue with a minimum price target of 6.65.
An intraday timeframe (6 hour) candlestick chart of Zynga Inc. is presented in today’s analysis.The uptrending action in price since November 2018 is highlighted with the use of a bullish trendline. The 50 moving average and 200 moving average (MA) are also used for the purpose of following the current bullish trend.
Zynga (ZNGA) reached a price peak of 6.62 on August 1, 2019 that was followed immediately by a sell off. The ensuing selloff after the August 1 peak did close below the 200 MA, which implies a bearish bias. However, the trendline as drawn indicates the selloff consolidating and successfully testing the long term trendline.
Evidence of a successful test at support (long term trendline) includes bottoming price action (i.e. consolidation) and lack of continuation of downside market action. Also worthy of note is the formation of what is rather known as a rectangle bottom chart pattern (not shown here) at the long term trendline that lasted between August 16, 2019 and September 13, 2019 that saw price action break out of the pattern to the upside.
Zynga close the day at 6.04 which on the 6 hour timeframe is trading right under its 200 moving average. Continuation after breakout from the rectangle bottom chart pattern (ideally bearish) would require Zynga Inc. (ZNGA) to trade and also close above its 6 hour timeframe 200 moving average.
5.51 and 5.66 provide a support zone for price which also coincides with its long term trendline. Lack of a break above the 200 moving average could see price return to the aforementioned support zone. A break below 5.51 implies resumption of bearish momentum and further lower prices to be anticipated.
The minimum target for the current bullish analysis for Zynga is 6.96 with 7.35 and even 8.49 representing higher price targets or levels.
An intraday timeframe (6 hour) candlestick chart of Zynga Inc. is presented in today’s analysis.The uptrending action in price since November 2018 is highlighted with the use of a bullish trendline. The 50 moving average and 200 moving average (MA) are also used for the purpose of following the current bullish trend.
Zynga (ZNGA) reached a price peak of 6.62 on August 1, 2019 that was followed immediately by a sell off. The ensuing selloff after the August 1 peak did close below the 200 MA, which implies a bearish bias. However, the trendline as drawn indicates the selloff consolidating and successfully testing the long term trendline.
Evidence of a successful test at support (long term trendline) includes bottoming price action (i.e. consolidation) and lack of continuation of downside market action. Also worthy of note is the formation of what is rather known as a rectangle bottom chart pattern (not shown here) at the long term trendline that lasted between August 16, 2019 and September 13, 2019 that saw price action break out of the pattern to the upside.
Zynga close the day at 6.04 which on the 6 hour timeframe is trading right under its 200 moving average. Continuation after breakout from the rectangle bottom chart pattern (ideally bearish) would require Zynga Inc. (ZNGA) to trade and also close above its 6 hour timeframe 200 moving average.
5.51 and 5.66 provide a support zone for price which also coincides with its long term trendline. Lack of a break above the 200 moving average could see price return to the aforementioned support zone. A break below 5.51 implies resumption of bearish momentum and further lower prices to be anticipated.
The minimum target for the current bullish analysis for Zynga is 6.96 with 7.35 and even 8.49 representing higher price targets or levels.
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