Zynga has followed through on its ascending triangle & rose to a short term top of 2.70 yesterday, despite the Nazz closing -0.26%. I was long at 2.48 & sold all at 2.68 for about +8% in 3 trade days. Lots of contrarian traders eyeing this stock, & it’ll remain on my radar.
After its recent cost cuts, investors may finally believe in its turn around. This net cash firm simply couldn’t catch a bid for the longest time, but its recently been forming a bullish ascending triangle. Daily RSI is also supportive short term. If it clears 2.66 & stay above, then short term target is 3.00, followed by 3.40. The huge gap in July 2012 can only be filled via much stronger newsflow catalysts.