ZIOP at a Crossroads
Updated
ZIOP seems to be at a crossroads, will monitor to see if it gives a clearer direction of up or down.
Price Up:
Most of the chart shows "what if" for price up movement. The basic idea is the price has flattened for about a week, held up by the SMA200 and a historical price S&R line, whereas the RSI has been increasing. The price also wicked off the 0.618 Fib. So it seems like the possibility to go up could be there.
For coming up with a target, choosing #2 of the options below:
1. The most immediate resistance is at $4.47. Not much to gain there.
2. Next: a fib retracement of the big movement up, and another retracement of the latest move down, the 0.382 fib lines line up at $5.24 ("B")
3. Historical price support at $5.45
Price Down:
But there are definitely signs for continuing downward movement. The biggest being the SMA21 converging onto the SMA200, with price getting squeezed in between. The two previous crosses resulted in prices falling, so all the reason to believe it will happen again here.
Also, the RSI may be hitting a resistance line.
If price does break down, possible target is to skip the "ABC" correction, and move straight to "C" at $3.09. Which is a support line as well as the 0.786 Fib.
Weekly shows price could be bouncing between two SMAs as well, with the Ichi Cloud giving room for price up, or possible bottom close to the aforementioned "C" target.
Price Up:
Most of the chart shows "what if" for price up movement. The basic idea is the price has flattened for about a week, held up by the SMA200 and a historical price S&R line, whereas the RSI has been increasing. The price also wicked off the 0.618 Fib. So it seems like the possibility to go up could be there.
For coming up with a target, choosing #2 of the options below:
1. The most immediate resistance is at $4.47. Not much to gain there.
2. Next: a fib retracement of the big movement up, and another retracement of the latest move down, the 0.382 fib lines line up at $5.24 ("B")
3. Historical price support at $5.45
Price Down:
But there are definitely signs for continuing downward movement. The biggest being the SMA21 converging onto the SMA200, with price getting squeezed in between. The two previous crosses resulted in prices falling, so all the reason to believe it will happen again here.
Also, the RSI may be hitting a resistance line.
If price does break down, possible target is to skip the "ABC" correction, and move straight to "C" at $3.09. Which is a support line as well as the 0.786 Fib.
Weekly shows price could be bouncing between two SMAs as well, with the Ichi Cloud giving room for price up, or possible bottom close to the aforementioned "C" target.
Trade active
Trade closed: stop reached
Hit stopComment
Overall looks like this was a pretty close trade. Missed entry. Barely taken out by stop, but went on to hit target.
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