Zion Oil & Gas Inc (ZNOG)

[Moses1492]

1/27/20 ZN Trade of the Day:

Good morning everyone. Where can we expect ZN to trade at today? ZN continues to trade in line with oil futures which has been steadily trending down by oversupply concerns and recent Chinese flu outbreak threatening to curb international and Chinese domestic travel. As of this morning 8:45 AM, oil futures are only slight down after showing strength bouncing off lows of low $52 early AM - continue to watch crude oil price closely signaling strength or breakdown which will lead oil stocks. ZN pps has been trending in direct alignment with other oil stocks such as RIG and SDRL (however note that SDRL turned positive 1/24/20 confirming potential bottom).

The short sale volume percent (not short interest) for stock ticker ZN was 65% on Jan 24, 2020 (is this a headfake spike in short volume is the BIG question!). The short sale volume is 1,619,250. The total volume is 2,477,116. The short sale volume percent is up 7% compare to Jan 23, 2020 but this large increase on continued low volume signals potential bottom turn around as sellers are seeing limited downside. NOTE that volume is still relatively light 1/24/2020. ZN higher volume is key to signal bottom confirmation should oil prices stabilize and rally - If not and oil breaks support under $52, ZN has potential to similarly show continued downside weakness if breaks support under 27.5 cents.

Short volume is still negative (over 50%) but ZN candle is at definite indecisive inflection point at close of day 1/24/2020. Should oil rally off 8 day continuous drop, we should likewise rally. Today buy the ZN dips .27-.28 and watch for key high volume bottom confirmation! With potential oil rally, look for decrease in ZN short volume as additional confirmation.

I'm scalping the dips at .27-.28 today and looking for support back to .29-.30 by end of day (should oil stabilize & rally) If oil continues to fall, ZN support at .27-.28

http://shortvolumes.com/?t=zn