But I'm not sure if today was the technical breakout I wanted. It couldn't break $2.70, much less $2.73, and then it pulled back. Volume was really good, though. If it pulls back next week to the $2.4x range, I'm going to buy. This was almost a breakout. Soooo close. Next time should do it. Of course, today might have been just a Part 1, but I'm still going to wait for a pullback. If this thing breaks the $2.73 resistance, it could see $3 - $5 withing weeks.
same as the previous day's trading
went high at $2.45 then close at $2.41
next day went high $2.68 close at $2.63 with increased volume
a breakout is around the corner!
Sentiment: Strong Buy
Znga has formed a proper base because its price action exhibit tight price both on the daily's and the weekly's. Last weeks action confirms strength in the stock and appears to be forming a pocket pivot buy point. The reason Friday's action wasn't a confirmation of a pocket pivot buypoint or a breakout was Volume. Although the volume on Friday was excellent, the weekly volume was strong but it needs to be heavier than the previous weekly volumes in order to form a pocket pivot buypoint, where it fails. Pocket pivot buypoints happen before big breakouts occur. So I am looking for a pocket pivot buypoint to occur within the next week and then a big price breakout to occur shortly after that. However, this industry is volatile and often (50%) will fail on these technical points.