As Zed is strongly impacted by Nat gas:
Here is the positive picture on Nat gas:
From this weekly chart:
https://stockcharts.com/h-sc/ui?s=$NATGAS&p=W&yr=0&mn=9&dy=0&id=p70527596824
Nat Gas is working on a reversal head and shoulder pattern since the open of this year.
The near term challenge on Nat gas is let say above the 2.70$ to the 2.80$ resistance…
If we see the price moving above this line and move higher (may see a pull to test the same line as new support and need to resist) …
IMHO, we should see more upside on Nat gas in the near future...
If so, based on this Nat Gas pattern in place…
The Nat gas price target could flirt with the 3.70$, in coming weeks & months.
May be the reason why Fraser Mackenzie loading up on ZED more recently… (????)
Will we see this pattern complete? Time still needed…
About ZED, like I already wrote here, we need to move above the 80¢ line and build above in the short term action. holding still above the EMA 50 line, from this weekly chart.
wkly chart: https://stockcharts.com/h-sc/ui?s=ZED.V&p=W&yr=0&mn=9&dy=0&id=p64804324445
Also need to resist to the 75 to 70 line on the pulling business.
On a much longer & monthly chart I can see that we are working around the 1.00$ level for a 3rd time since we drop below this line in 2007…
June 2008 we hit high 1.10$
March & April 2011 we hit high .97¢ & .98¢
April 2012 we hit .90¢ on a one day upswing & pull
In place:
A very long sideway trend with recent improvement in volume.
A reversal head and shoulder pattern there too with 1.00$ neckline…
May see this 1.00$ level being tackle a little in coming week or months …
Zed stimulus: Nat gas price and Markets action (positive or negative).
Just my TA reading here, please DYODD as always!
Fratzy!