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Wednesday, April 18, 2012

ZNGA - Needs Double Bottom

Per my post yesterday, today is "the" day for ZNGA to hopefully hit a bottom.  An hour ago, it printed 9.95.  That's close enough to our target of 9.90.  The volume on the 5 minute chart looked encouraging.  Exhaustive volume as the low was hit, followed by even bigger volume on reversal.   Now ideally we need to retest the low in order for any bounce to hold.  No guarantee, but so far it's according to plan.

BTW, I was able to nudge the target rectangle to the right today to line up with the end of the source rectangle.  The pattern looks complete.

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