Market Blog Technical Analysis

Antonio’s Analysis: This stock could see more gains ahead

ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) caught my eye last week when price broke the $7 resistance area with a strong momentum impulse. Price seems to be forming now a potential bullish “flag” consolidation formation. If this pattern materializes, the next move should be to the upside, because prices generally exit “flags” moving in the same direction they were moving when they entered them.

If a breakout above the 7.64 level occurs next week, we could see an acceleration of momentum and move toward the $8 area. All short/medium term daily technical indicators are in upward path. On watch.

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