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Z (Zillow Group) Bearish Pennant Formation

Member Eric K. in the trading room asked for an update on the Z (Zillow Group Inc) unofficial short trade idea, which was first posted as a setup in the trading room on July 19th while ready to pop out a this (at the time) fully mature bearish rising wedge pattern (first chart below). Zillow was then posted here on the front page as an unofficial short trade a week later on July 25th when the prices broke down below the wedge, triggering a short entry (second chart).

Z went on to hit the first target back on Aug 17th & has been dancing on top of that support level since, forming what appears to be a bearish pennant continuation pattern. The next solid break below 33.45 is likely to bring Z down to my final target (actual support at 30.40 so best to set you BTC limit order around 30.45 to help assure a fill).

Z daily Aug 30th

Z daily Aug 30th

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Aug 30, 2016 9:58am|Categories: Unofficial Short Ideas|Tags: |Comments Off on Z (Zillow Group) Bearish Pennant Formation