Zion Oil & Gas Inc (ZNOG)

[Moses1492]

MMs simply covered a portion of their short at the top yesterday at 26-27 cents (3:30-4pm yesterday). They shorted well over 2 million shares in that gap and then covered first thing this morning at 23-24. Now they are washing the same shares by shorting again at 26-28. No worries as the price is still bullish lower lows and higher highs (but I doubt we see 30 cents today with market down 600 points). Here is the short sale volume yesterday (still bullish but MMs were opportunistic today). A solid close over 27 today would still be a very bullish flag.

Historical Short Volume Data for ZNOG
Date Close High Low Volume Short Volume % of Vol Shorted
Nov 29 NA NA NA 9,167,193 4,677,581 51.03
Nov 26 NA NA NA 2,014,332 1,154,879 57.33
Nov 24 NA NA NA 7,911,053 4,011,420 50.71
Nov 23 NA NA NA 14,506,848 6,277,532 43.27
Nov 22 NA NA NA 3,626,183 827,917 22.83
Nov 19 NA NA NA 3,375,029 854,974 25.33