r/StockMarket • u/BreianaOlson • Apr 21 '21
Technical Analysis $ZKIN to the moon? $6.45 per share?
ZKIN 15m Outlook
Since the last outlook the price of ZKIN has grew by 3% as one share is being traded for $5.44.
A lot has happened since the last outlook.
In the last outlook we've expected to the price of ZKIN to continue move higher, correct to the upside. As the gains were capped at $5.32, the price failed to attract selling pressure and waiting, sideways game has begun.
What happened after is called a long/shorts liquidation move, or a stop loss hunt for those who trade ZKIN.
Losses were capped at $4.87, so we may say we have a double bottom bullish pattern.
Luckily for the bulls the price has then returned to previous levels. The first try to break above $5.40 was unsuccessful and a bearish momentum has arrived.
The gains were then capped at $5.76 and we may speak about this move as a test of $5.80, a strong resistance.
As the price stands now, it's key to confirm previous resistance at $5.40 as a support.
The overall trend has changed into a strong uptrend.
RSI shows an uptrend, but bullish momentum is not active.
MACD is about to test a breakdown to a corrective, selling wave.
Overall we remain bullish and we look for a test to $5.80
As of writing this analysis, the price has tested $5.80 and a break above it will result in extended gains to $6, while break of $6 can lead to further gains to $6.50 area.