Chart Analysis (Zion Oil & Gas, Inc.)
📊 Ticker: OTC:ZNOG
📅 Timeframe: Daily Chart
📈 Current Price: $0.2445 (+3.92%)
🔍 Key Technical Indicators:
🔹 Parallel Channel: The stock is moving within an ascending parallel channel, respecting the midline (yellow dashed line) as dynamic support/resistance. A continuation within this channel suggests further upside potential.
🔹 Fibonacci Levels:
The stock is testing $0.27 (Fib 1.0 level) as resistance.
A breakout above could push it toward $0.38 (Fib 1.618 extension target).
A healthy retracement to $0.18-$0.20 (Fib 0.5-0.618) could provide a better entry before the next leg up.
🔹 RSI (Relative Strength Index):
Currently at 80.94, indicating overbought conditions.
If RSI stays above 86, it could signal a strong momentum continuation.
A pullback toward 58-60 RSI would be a more sustainable buying opportunity.
🔹 MACD (Moving Average Convergence Divergence):
Bullish crossover confirmed. The MACD line has crossed above the signal line, showing positive momentum.
The histogram remains green, further supporting the uptrend.
🔹 Volume:
Steady increase in volume suggests strong buyer interest.
A volume spike above the current 7M mark could confirm a breakout.
💡 Final Thoughts:
✅ Bullish Scenario: If ZNOG stays above $0.24-$0.27, it could see an upside move toward $0.38.
⚠️ Caution: RSI is overbought, so a short-term pullback to $0.18-$0.20 could offer a better risk-reward entry.
🔔 Key Levels to Watch:
Support: $0.20 | $0.18 | $0.16
Resistance: $0.27 | $0.30 | $0.38
