Zglong
US Stock In Play: $ZG (Zillow Group Inc)$ZG have successfully broken out of its 8 months trend channel, infusing a further upward accelerated move of +11.51%. This is a cumulative gain of +55.14% from the Bullish Reversal Hammer on 10th November, previously highlighted.
Currently, the upper trendline resistance-turned-support, have price action bounced off on 21st December 2020, acting as a first line of support level for $ZG. Further upside price acceleration would require $150, an all time high cum psychological round number resistance, to be captured.
US Stock In Play: $ZG (Zillow Group Inc)$ZG exhibited a well respected trend channel since April 2020, a significant 8 months duration. It underwent a technical sell off of -15.76%, on 9th November 2020, with price action being resisted at its upper trendline.
The exhaustion of the selling was witnessed during the afternoon session of 10th November 2020, with $ZG closing the day with a Bullish Reversal Hammer Candlestick Pattern (highlighted), coinciding with the lower band support of the trend channel.
The continuation of this all time high breakout rally is likely to see $ZG test its upper trendline resistance at $135.00 in the upcoming week.
