Zion Oil and Gas Looks Ready To Rally
Shares of Zion Oil and Gas (NASDAQ: ZN) ended the session higher by 4.31%, trading at $2.18. The stock had been meandering in negative territory for much of the session before short covering came in, propelling the stock to fresh daily highs.
This move has also placed Zion Oil and Gas firmly above the 20-day moving average, which has lately begun to flatten out. Shares appear poised to make a hard rally here, perhaps to test the late-September highs of $2.12-2.84.
Note that Zion Oil and Gas has 8.50% short interest.
Traders can play to possible breakout by buying shares here and/or on a pullback; your natural stop loss level would be at today's intraday low of $2.04.
Zion Oil and Gas, Inc. is an initial stage oil and gas exploration company with oil and gas exploration in Israel. It holds two exploration licenses covering approximately 162,100 acres onshore in the State of Israel between Netanya in the south and Haifa in the north.
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