Since September, $ZAGG has been quite a rut in the market. It was flat, dropped, rebounded a little, and now is ticking down slowly every day. Using a retracement from 11/2's low to 11/22's high, we see that $ZAGG has met some support at the 38.2% level at a $6.52 price. It dipped below this support level for 2 days but has remained at this level for about 7 days now. If you look back at the daily charts from 10/25 to 11/01, you'll see that we touched this level a few times, rebounded, and then fell through it. This was at about earnings time. For the past several days, $ZAGG has seen relatively low trading volume which has led to very minimal price movements. My assumption is that $ZAGG will fall through this support and reach the 50% retracement before bouncing back with new volume. However, if it breaks through the 50% line then it could be time to jump ship.
At the time of writing, $ZAGG is at $6.53 with a chart indicating close to "oversold" and a MACD below '0'.
At the time of writing, $ZAGG is at $6.53 with a chart indicating close to "oversold" and a MACD below '0'.