Traders officially love to buy ZION around 57.27 level

Zions Bancorp (ZION) Technical Analysis Report for May 17, 2018

Highlights

ZION pushes through key resistance level
Traders officially love to buy ZION around 57.27 level
ZION ends the day on a bullish note closing near the high of the day
ZION pushes through previous session high
ZION rises to highest close since October 31, 2007

TQ Sentiment

Report Sentiment:
66% Bullish
Technical Forecast:

Overview

ZION ended Thursday at 58.30 gaining $0.54 (0.93%) on low volume. Today's closing price of 58.30 marks the highest close since October 31, 2007. Closing above Wednesday's high at 57.93, Zions Bancorp confirms its breakout through the prior session's high having traded $0.53 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ZION

Volatility

Thursday's trading range was $1.19 (2.07%), that's slightly below last trading month's daily average range of $1.27. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking through the key resistance level at 58.28 today, it is now likely to act as support going forward. The market was bought again around 57.27 after having seen lows at 57.23, 57.16 and 57.29 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 57.16 where further sell stops might get activated.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Zions Bancorp

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Latest Report:

ZION tanks -1.27% closing $0.67 lower

Sep 24, 2018
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