Updated
ZYNE hourly levels on watch
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.
Note
Shoulder completed and confirmed. Nice bounce though.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.