ZIOPHARM Oncology Inc: Still Holding Its Breakout
António Costa | Dec 04, 2016 04:07PM ET
ZIOPHARM Oncology Inc (NASDAQ:ZIOP) broke out of a four month sideways trend between 5.25 and 6.25 one month ago and over the last four weeks has tested the breakout area successfully on two occasions suggesting the stock may be ready to move higher. Plus, the 50-day EMA has crossed over the 100-day EMA for the first time in months, signaling a medium-term bullish trend. With the 50-day EMA holding as support, I'm looking now for price to briefly retest the 7.50 zone. Additionally, there was an unusually high call options activity on Friday (strike Dec $8), which could be a signal of good things to come. The next buy point would be when it breaks over 6.50 on heavy volume, while immediate support has moved up to $6.01.
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