ZKIN INTERNATIONAL(Test 200MA Support?)

💎Technical Analysis Summary💎



NASDAQ: ZKIN


-The major support at 5 dollars has been broken as the price continue to trade at $4.24
-If you were holding a position at around 5 dollar range, you'd be stopped out already
-Now, the trade idea for upside continue is invalid at 5 dollars buy range
-Looking at the current market structure, the next potential support could be at 3.6 dollars
-This zone is a confluence of previous resistance last January 2021 and the 200D MA support
-If the price reaches this level and we see good bullish reversal signs
-I think that is a good buy signal and expect a nice swing bounce up to $5-$6
-Again, if the Bull can regain above 6 dollars and maintain a good support
-That is the time we can increase our bias for future upside continuation
-For now, I will stay on the sideline and wait for proper confirmation
-Because sitting in cash is also a position and discipline for proper risk management
-Good luck everyone and stay safe!



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