Replies to post #4244 on Zion Oil & Gas Inc (ZNOG)

[BlissBull]

If you look at a 5-min chart, you will see that the 3.60 level formed a horizontal resistance line while the lows were stepping higher... Then that line was broken to the upside into the current trading range of 3.58 to 3.62 as the lower limits and the HOD as the upper limit imho.

[axle777]

I think we will see a continuation of accumulation tomorrow. Bullish You can feel it, Although helpful, chart not needed. :)

[axle777]

I think you are incorrect,


StockCharts.com » ChartSchool » Chart Analysis » Chart Patterns » Ascending Triangle (Continuation)

The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.

[JasonBourne]

Definitely possible. I'm just trying to read the chart from an objective point of view. I'm not currently long or short on this one, although I am looking to possibly go long in the next couple days if opportunity presents itself. I think this one is very interesting to watch.

My best guess as to the direction of this stock would be this:

Short term (1 day): Bearish due to a Rising wedge pattern. I believe that the stock will fall a bit from its current price and provide an opportunity for longs to enter. This may be where I try to make an entry.

Medium term (1-2 weeks): Bullish. Breakout of a saucer formation on good volume signifies a reversal-type pattern. Also, it is breaking out of the downtrend line on the daily from the past 6 weeks, another good sign.

No idea on the long term, though. I think that will depend on Zion's press release content.