Unfortunately Zip looks destined for more near term sell...

Unfortunately Zip looks destined for more near term sell pressure despite an incredibly positive Ann yesterday.

Yesterday's breakout looks to have been a fakeout at this stage; I'd say overall market sentiment will have something to do with this as all futures are blood red as I write this. With some key inflation data coming out today the potential for this sell off to gain momentum into the weekend is certainly there.

Zip opened very weak but then had a decent push north however there wasn't enough momentum to get past the 50MA. This level coincided with longer term resistance so wasn't surprising. The 0.786 Fib level also looks to be offering enough resistance at $7.01 to hold zip below for now. Need to see these levels broken and held for the trend change to be confirmed.

Looking for support to hold around $6.83/4 where both 20 and 10MA currently sit. If this level fails then the gap at $6.51 is in play.

Hopefully markets can shake off the negative sentiment that September brought so btfd can come back in play however there's enough risks to continue the negativity into October.

Microsoft on board is sure to generate some serious exposure and revenue in the future but there may be a few games before this is reflected in Zips sp.

GLTAH
DYOR
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