Zion Oil & Gas Inc (ZNOG)

[Moses1492]

1/28/20 ZN Trade of the Day:

Good morning everyone. Daily short volume is slightly down from 65% last Friday to 60% Monday's close. Today ZN should find price support and trend upwards. 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 8:55 AM, oil futures are trending upwards rising to the mid $53's - 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 and RIG may turn positive today too).

The short sale volume percent (not short interest) for stock ticker ZN is 60% on Jan 27, 2020. The short sale volume is 1,330,762. The total volume is 2,214,334. The short sale volume percent is down -5% compare to Jan 24, 2020.

Continued low volume signals potential bottom turn around as sellers are seeing limited short downside benefit. NOTE that volume is still relatively light 1/27/2020.

Short volume is still negative (over 50%) but ZN candle continues to hover at indecisive inflection point at close of day 1/27/2020. Should oil rally off 9 day continuous drop drop today, we should likewise rally. Today buy the ZN dips .26-.27 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 .26-.27 today and looking for support back to .28-.30 by end of day (should oil stabilize & rally) If oil continues to remain flat, ZN support at .27-.29

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

*NOTE yesterday's big drop with ZN touching 24 & 25 cent price range was likely opportune short scalping covering given overall market weakness with DOW down by 450 (basically everything was on sale)! Lets see where support rests today :)