Z Position Update

Last Friday I had to sell my Z weekly calls as they expired Friday and luckily I got out at about the best place I could have on Friday taking a small loss on a small spec position , I wish I had done what I usually do and went with a longer expiration. In any case, right now it looks to be in a consolidation between support and resistance, I think support will win and resistance will lose and I suspect it will happen in the next day or so, so I wouldn't be very concerned about weekly calls (this Friday).

Here are some updated charts and a warning not to be deceived by any upside in Z.

 Z's 60 min chart takes away all the noise and shows this as the strongest divergence Z has seen on this chart any way. Z also has a nice rounding bottom for this size divergence.

The 15 min chart shows more detail with a clear positive just before the last launch to the upside and a larger positive presently.

Even the 2 min chart's trend makes the positive divegrence trend very clear. However since Friday there has been some resistance...

On a 5 min chart you can see just about where I exited Z later in the day and some resistance since with a relative negative divegrence from Friday through today. I think this is just a brief consolidation as Z is stuck between support and lighter resistance.

 This is the 2 min chart and its last positive last Thursday before gapping up Friday and basically flat like price since, but note how quickly the timing divergence developed, it took less than 3 hours, really about 2 hours to light the fuse so to speak as the larger divergences are already in place. Essentially for the next move up, Z is just waiting for this short term timing divegrence (intraday) and I think what it's currently working through is...

 This area on a daily chart of 50-day ma support and lighter 22-day resistance, I think the outcome is pretty predictable and resistance will give way, Z should see a nice move. However, Z may show a very nice move and it may be tempting to want to stick around for a while, be careful.

Z went on our radar because of the stronger 4 hour chart and others deteriorating badly in to price strength. Z is not recovering and going to go back to a happy story to the upside, it is a picture perfect chart of storm clouds brewing. I think you'll see a nice break in them and some beautiful sunshine, but I wouldn't bask in those rays too long, there are bigger storms ahead for Z.