Title: Is ZLC Ready To Break Above Resistance?
Tags: ZLC
Blog Entry: Take a look at the chart for ZLC. The solid red line represents the long-term resistance, and the solid green line represents the long-term support for this stock. The resistance line is confirmed 9 times. The support line is confirmed 3 times. Confirmation is represented by the arrows. Note also the black dashed line. This represents a new support line that I've identified for the stock. This new support line is confirmed six times, indicating that it is a stronger support line than the previous line of support. The new support line merges with the resistance line at February 18, 2010 to form a pennant. Due to the increased strengthening of the support line, and the fact that the closing price for today (not included as a bar in this chart) was above the line of resistance, I have a strong hunch that ZLC will be upsetting the line of resistance and may be starting a new trend as soon as tomorrow - most possibly a horizontal channel. I hope that this helps to set some of the ZLC shareholder's minds to ease.
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