ZEN
Market Analysis:
Downtrend Confirmation:
The price has been on a steady decline, with a sharp drop visible in the candlestick pattern.
The moving averages (MA5 and MA10) suggest a downward momentum.
Support & Resistance Levels:
Support: The lowest price hit today is $9.08, which is acting as immediate support.
Resistance: The recent high was $9.70, making it a key resistance level.
Volume & Momentum:
The volume is moderate, showing some recovery attempts.
The Wm %R indicator is in the oversold zone, meaning a potential bounce could happen.
Prediction for Future Trading:
If support at $9.08 holds, a short-term bounce to $9.30 - $9.40 is possible.
If price breaks below $9.08, expect further downside towards $8.90 - $8.80.
Long or Short?
Short-term scalping: A long position could be taken if price stabilizes above $9.08 with a target of $9.30 - $9.40.
Trend traders: The overall trend is bearish, so a short position would be safer, targeting lower levels if $9.08 breaks.
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