Longterm ZRX Daily Chartup

The daily chart seems to have reversed the bear run during the end of January to the start of March. The long term resistance trend line will need to be broken before running any higher. A clean break with volume would do the trick for a long term bull run however if a break lacks volume, it could be a warning sign of a bull trap.

If it is rejected by the long term trend line it should pull back towards the long term ascending trend line where we would place our buy orders around. A hard stop loss running along the long term ascending trend line would be suitable. Anything below the long term ascending trend line would indicate a bearish sentiment.


Fib levels indicate a run to the 0.5 level isn't out of reach as it has already nearly been revisited since the lows. A break of the 0.382 level in the next week, without breaking the long term ascending trend line, would indicate a bullish sentiment.