Zion Oil & Gas Inc (ZNOG)

[JasonBourne]

Well, what's your logic then? Why is it laughable?

Fundamentally, the management doesn't seem competent at all. A lot of their justification in drilling this hole comes from "prayer". They even have a picture of themselves standing over the drilling site praying for oil. On a technical basis, the fact the stock is being rejected by the 20 EMA on the daily is concerning. The stock is just selling off slowly without any form of buying pressure. How is this bullish ? The stock has formed and completed a double top pattern on the daily chart as well, and that signals a huge "GET OUT" signal to any professional trader...

I think the only thing that is laughable here is the management's ability to actually find oil. So fundamentally, this stock is a disaster. If you trade technically, you're already out of the stock because of the double-top and selling pressure outweigh the buying.

I guess the only reason one would hold is if you believe in God and prayer. Good luck with that