The stock of Zion Oil & Gas, Inc. (NASDAQ:ZN) is now priced at $0.31 and the shares are 0.01 points up or 3.87% higher compared to its previous closing price of $0.3. The stock had 6.598 million contracts set over the past session. ZN shares’ daily volume is compared to its average trading volume at 8.195 million shares. However, it has a float of 194 million and although its performance was -11.98% 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 $0.305 to $0.33. However, some brokerage firms have priced the stock below the average.
The shorts are climbing into the Zion Oil & Gas, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ZN shares have risen. Short interest in the stock represents just 1.87% of its float, but the volume has raised by 640025. The volume of shorted shares rised to 3.645 million from 3.005 million shares over the last two weeks. The average intraday trading volume has been 11.183 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Zion Oil & Gas, Inc. (NASDAQ:ZN) dropped by -$0.0424 over the week and lost -$0.1328 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 159.67%, 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 44.23. 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 13.2% meaning the ZN share price is currently in overbought territory.
The technical chart shows that the ZN stock will likely settle at between $0.3261 and $0.3405 per share. However, if the stock dips below $0.3011, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2905.
Currently, the stock is trading in the red of MACD, with a reading of -0.0358. 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.