Zion Oil & Gas Inc (ZNOG)

[Moses1492]

1/29/20 ZN Trade of the Day:

Good morning everyone. Oil prices are up over $54 and the ZN short sale volume percent (not short interest) for stock ticker ZN is DOWN to 49% as of Jan 28, 2020. The short sale volume is 692,001. The total volume is 1,415,254. The short sale volume percent is down -11% compare to Jan 27, 2020 and this now makes 2 days in a row the short sale volume has fallen significantly.

Today ZN should find price support and trend upwards and maybe even run a little bit if the short covering gets noticed by others! ZN continues to trade in line with oil futures which is now trending up over $54. 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 also has turned positive).


Continued low volume signals potential bottom turn around as sellers are seeing limited short downside benefit. NOTE that volume was still very light 1/28/2020.

Short volume is now slightly positive (under 50% at 49%) but ZN candle continues to hover at indecisive inflection point at close of day 1/28/2020. Should oil continue to rally, we should likewise rally in addition to short covering driving price support. Today buy the ZN dips .26-.27 and watch for key high volume bottom confirmation! With potential oil rally, look for continued decreases 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