Traders officially love to buy ZION around 57.27 level
Zions Bancorporation N.A. (ZION) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ZION as at May 17, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 57.16 where further sell stops might get activated.