The stock of Zion Oil & Gas, Inc. (NASDAQ:ZN) is now priced at $0.42 and the shares are -0.01 points down or -1.92% lower compared to its previous closing price of $0.43. The stock had 3.46 million contracts set over the past session. ZN shares’ daily volume is compared to its average trading volume at 7.147 million shares. However, it has a float of 163 million and although its performance was -5.76% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ZN share price recently placing at $0.41 to $0.43. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Zion Oil & Gas, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the ZN shares have declined. Short interest in the stock represents just 1.96% of its float, but the volume has dropped by -712885. The volume of shorted shares dropped to 3.19 million from 3.902 million shares over the last two weeks. The average intraday trading volume has been 1.854 million shares, which means that days to cover moved to roughly 1.720239.
In the last trading session, Zion Oil & Gas, Inc. (NASDAQ:ZN) dropped by -$0.0259 over the week and gained $0.1941 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $0.88. The stock recorded its established 52-week high on 07/31/20.
Since 12/18/19, the stock has traded to a low of $0.12 at 253.42%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.62. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Zion Oil & Gas, Inc.’s two-week RSI is 65.83. This suggests that the stock is neutral at the moment and that ZN shares’ price movement remains stable. The stochastic readings are equally revealing at 36.97% meaning the ZN share price is currently in neutral territory.
The technical chart shows that the ZN stock will likely settle at between $0.4327 and $0.4414 per share. However, if the stock dips below $0.4127, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4014.
Currently, the stock is trading in the green of MACD, with a reading of 0.0641. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.