ZG in long term and short term charts shows an up trend. Let us go through the key aspects of Price action analysis.
In Price action trade and technical analysis, key points to note are
1. Trend : Find the major/minor trend direction
2. Levels : Find major/minor support and resistance levels.
3. Check for price action set ups like pin bar, engulfing bar from the key level
4. Check for trend lines and price channels.
Let us go through one by one. You can also check the detailed technical chart analysis of TSLA,VRX , NVDA and ORCL.
Find the major trend of ZG
Let us go through monthly, weekly and daily chart of ZG
ZG Monthly price action chart
ZG is in up trend if you consider it in a long term perspective. It has made a high 51 in 2014 and retested it in 2017. Now it is pulled back from the key resistance level of 51.
ZG weekly Price action chart
In weekly channel, the price has is fallen from 51 level to the lower support line of the channel. The lower channel base is strongly supported by 38 support level. It has been supporting the price at that level for the last four weeks. The large green candle for last week a good indicating bar for a fresh up trend.
So the major resistance level is at 51 and major support level is at 38.
ZG daily price action chart
Daily chart shows the price has made a double bottom at 38, strong indication of a reversal from the support level.The minor resistance level is at 41.10. If next session can push the price above 41.11 level, it is definite call for long position.
To follow the price channel, it must travel a lot. The nearest resistance level will 44.60 to 45. There you need to break the down trend line too. If the price can breakout 46 level, may be after taking a dip, it can go and test or break the 51 level major resistance.
ZG Renko outlook
To make things clear, Renko is a great charting method. Especially to check the trend, support and resistance level. It can not give you the price action setup like candles. For eg: a pin bar.
The above renko chat shows strong support line for the prices. Combine the view with price action charts and make your decision.
ZG LIVE CHART