Current key resistance on ZNGA is 300 pennies. If this stock were to have real legs, it must break decisively through this price level and maintain it. With the coming earnings report (one more pending disaster), this is not a high probability trade. This is an opinion based on analysis. When I am wrong, and it of course happens, I just promptly admit it. I have a record of being short ZNGA from $14.19, and it has been a pleasant ride to the basement. Farcebook is more hype (fraud?) and you will see $10- on that rubbish. I have been short FB since $31-.
Question is are you still shorting ZNGA or you are on puts option to have it below $3.
The shorts percentage on Znyga has dropped and the coming earnings will most like ly be good since it had a low expectation.
Most importantly, the guidance after the earning for the next quarter will be quite rosy due to its future plan in online gambling. More of the online gambling details will be discussed too,
so you can expect the price to go above $4 after the earnings.
This is easy money.