Tuesday, February 12, 2013

ZNGA Should be a great pullback long

The Trend Channel stop is $2.78 and the pullback area is around $2.96, really missed this one yesterday.

Here's the current situation...
 The daily chart is exactly what we were hoping for, a large base capable of supporting a big move so I think there will be more to come in the near future in ZNGA.

 10 min chart's relative negative divergence and where I wish I had seen this.

 However the 1 min chart has a large positive divergence and it looks like ZNGA will make up some lost ground, the other half will likely go at that point.

The 5 min chart shows the same positive for a bounce from here.

For a new trade though I'd wait at least for a pullback under $3, this could be a huge winner.

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