ZSAN closes above its opening price after recovering from early selling pressure


Zosano Pharma Corporation (ZSAN) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team

Highlights

ZSAN closes above its opening price after recovering from early selling pressure
ZSAN finds buyers at key support level
ZSAN finds support at 50-day moving average
ZSAN ends the day on a bullish note closing near the high of the day
ZSAN runs into sellers again around 4.53

Overview

ZSAN ended Thursday at 4.51 gaining $0.13 (2.97%). Trading up to $0.18 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (ZSAN as at Jun 14, 2018):

Daily technical analysis candlestick chart for Zosano Pharma Corporation (ZSAN) as at Jun 14, 2018

Thursday's trading range was $0.31 (7.05%), that's above last trading month's daily average range of $0.23. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

After trading as low as 4.22 during the day, the share bounced off the key support level at 4.37. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 4.63. After having been unable to move above 4.52 in the prior session, Zosano ran into sellers again around the same price level today, failing to move higher than 4.53. After trading as low as 4.22 during the day, the stock found support at the 50-day moving average at 4.31.

Though ZSAN is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Buying might speed up should prices move above the close-by swing high at 4.66 where further buy stops could get activated.


Market Conditions for ZSAN as at Jun 14, 2018

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