$7 is not too offset; reasonable entrance that may occur if there are a couple more red days. Are you pursuing a long position at that PPS? If so, that looks to be a good entry at the moment if it drops to that level.
ZNGA is an excellent stock to flip which is my choice for this stock until I see it level out to know where a good entry point is for any type of long position. Right now this stock is still finding it's ground to stabilize. The base was maintaining the $9.20's in my books before these past few declines which I had a good feeling was going to happen with the weak performance it's been having. Predicted these last few declines Jan. 4 post #319.
Over the next week I'll see what the new base is and should get another accurate estimate where this stock will head. However, like I stated above, I will not pursue any type of long position until the stock stabilizes which won't be happening any time soon. It's still a very new stock and the bottom is bottomless right now so keep that in mind if you are pursuing a long position at this time. I've stated that numerous times since the IPO last month which I'm hoping others listened and didn't jump in long when I was saying it's not a good idea yet because the stock needs to stabilize and find it's ground before an accurate (and profitable) long position can be found! The stock is already $2 below the IPO release, not a good start for any longs that set a position early! Hope everyone held off or sold a long time ago to re-enter at a better PPS :) Follow me!
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