ZNGA

LONG Zynga Inc (NASDAQ:ZNGA) 

Here’s a very simple play for $ZNGA. there was a massive dip in the daily candlesticks from $9.73 all the way down to $7.79. Remember, candlesticks don’t like gaps in the chart. This drop created a massive gap basically all the up to where it originally was at $9.73. Once the break of the $8.95 resistance occurred, it’s showtime. As you can see, the candlesticks have been getting increasingly bullish ever since, and we can ride this bad boy all the way up to that $12.35 resistance level . There may be some pullback at times, but we should expect these candlesticks to fill the chart at some point in time, which would be where we exit. There shouldn’t be any more movements to the downside, but always have a plan if there is. For me, I’m setting S/L at -30% or I’m pulling out if the candlesticks drop below the $7.85 line of support.

It possible ZNGA can reach ATH of $14, so I’m planning to hold long-term and sell covered calls with it on the way up!