ZYNE takes a breath
At $8.17, ZYNE was up 47% this week. Volume saw more than 50% of its share count exchange hands - though we probably saw a few million shares traded several times - and yesterday we saw a healthy bounce.
There is still some volume, we could be looking at residue buying power and we need to have the levels on watch to find short term direction. Today we need to see bulls break $8.17 if we want to look for a higher high. I think that the most likely scenario will see a quick squeeze up, followed by a sell off, bouncing again, leading us to the $7.50 levels to take us into the weekend.
There is still some volume, we could be looking at residue buying power and we need to have the levels on watch to find short term direction. Today we need to see bulls break $8.17 if we want to look for a higher high. I think that the most likely scenario will see a quick squeeze up, followed by a sell off, bouncing again, leading us to the $7.50 levels to take us into the weekend.
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