ZYNE hourly levels on watch
Updated
Were we looking at residual buying pressure yesterday, or is ZYNE ready for another leg up? Analyst targets are all well above $10, and the projected upside is about 300%, but to assume that it will just skyrocket in that direction seem unreasonable.
Bears took control in the second half of yesterday's session. The level to hold is $8.38. the levels to break are $9.15 and $9.48. ZYNE has done it before, and after consolidation of about $1 yesterday, it is not irrational to anticipate another bull run.
There is the possibility of a Head & Shoulders pattern emerging. We'll have to see a lower low, followed by a retrace towards the $8.40 level. If she makes this move and fails to hold supports, we may be looking at a bearish trend reversal, in which case the FIB levels become of interest.
Bears took control in the second half of yesterday's session. The level to hold is $8.38. the levels to break are $9.15 and $9.48. ZYNE has done it before, and after consolidation of about $1 yesterday, it is not irrational to anticipate another bull run.
There is the possibility of a Head & Shoulders pattern emerging. We'll have to see a lower low, followed by a retrace towards the $8.40 level. If she makes this move and fails to hold supports, we may be looking at a bearish trend reversal, in which case the FIB levels become of interest.
Comment
Shoulder completed and confirmed. Nice bounce though.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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