One more thing> You may be asking how I came up with those support areas? If you have been watching level II for the past 3 weeks like I have you will notice after it bumped up into each one of those areas mentioned it took a good while (anywhere from 1 day to 4 days) to break through them and once they were broken the share price broke up to a higher level.
like I said, support rests at 1.80 (closed at 1.80 Thursday) My prediction of a close at 2.20 (give or take .10 cents was a day late but what the hell. Important thing is after the rally ZAP has had it is holding support areas which is very important to the health of a stock. You'll also notice that the 10 day SMA held support both Thursday, Friday and is moving up nicely. The retracement this week relieved the oversold condition of the stock which means we can actually move up again and start forming a base from a higher position than here.My guess would be the 2.50 area. I fully expect a gap up on Monday judging from the end of day trading and the fact a couple people are trying to get in afterhours 3 cents above the close. Also, as most of you probably know, ZAP is caravaning across the country, in 6 smart cars, enroute to the grand opening of the green car daelership. Very Smart(no pun intended) marketing campaign, it gets the word out. Zap has also started announcing dealerships and started shipping cars. I think all this information is going to propel and drive the price of ZAP stock in the short term. After a year or so of promises and PR's they are really starting to execute on their plan........it's finally happening!!!!! You can say goodbye to below a buck ( unless ZAP screws up somehow). The only reason it was trading down their to begin with was a lack of execution and confidence in management, again, I think these issues are behind ZAP. Wait till next qtrs numbers are released...............your going to see a major revenue increase!!!
Anyone selling ZAP at this level IMO needs to have their head checked. My advice? Buy a core position in the stock and a trading position ( yes ZP is extremely fun to trade and if you watch it long enough you can almost sense it's next move, very predictable, so far, stock). Hold on to your core and trade the rest. I've picked up a handful of free shares doing this. Good luck
This is one really sweeeeet looking chart for a lesson in support and resistence. High volume rise, low volume pullback and bounces off moving average support............God love technical analysis.....................
One caveat to the post: Would of liked to see a little more volume today but we were pretty much in line with yesterday so it really a moot point. Also I think the exposure over the weekend for the dealership will take us up. Everyone remember what happened last Monday?????? And all ZAP had was a little add on the AOL welcome page. I'll paste a quote from Steven Schneider (CEO of ZAP) from his e-mail to me last Friday night
"Mark I thank you for investing in the company and will always welcome your input. It does help. As always feel free to call me on any issue.
PS we are on the welcome page of America Online today. They have 28 million viewers so it should be a good Monday!"
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