Zendesk, Inc Stock Analysis
Technical stock analysis for Wed 12'th Dec 2018
|Shorts||2.45% ( 2018-11-15 )|
Zendesk, Inc gained 3.55% in the last trading day, rising from $58.53 to $60.61 The price has risen in 7 of the last 10 days and is up by 15.34% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 2.31 million more shares were traded than the day before. In total, 3.13 million shares bought and sold for approximately $189.73 million.
Zendesk, Inc has broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction there will be support on the roof on the current trend broken, which is $59.81, a level that may pose a second chance to hit a runner. According to fan-theory $75.20 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
Only positive signals in the chart today. Zendesk, Inc holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $59.41 and $55.57. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday December 07, 2018, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
The stock holds a RSI14 at 74 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $54.97 and $53.76.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Zendesk, Inc finds support just below today's level at $54.97. If this is broken, then the next support from accumulated volume will be at $53.76 and $48.37.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $3.29 between high and low, or 5.54%. For the last week, the stock has had a daily average volatility of 5.48%.
The stock is extremely overbought on RSI14 (74). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stoploss: $57.57 (-5.01%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 74 and this increases the risk substantially. There is a buy signal from pivot bottom found 3 days ago.)
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Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
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