Z1P's chart suggests it could rise in the short term. As the chart shows price fell to the lower boundary or a price channel in mid-May. It then rose a little before retesting the boundary - an action that suggests price could now head back to the upper channel boundary. Additionally, price has broken above a downtrend on the weekly chart and making higher weekly troughs and peaks (both buy signals). Elliott Wave Theory also supports a rise into W5 with price making new all-time highs in due course. Time Theory also suggests an imminent rise in the next week or so.

While I'm not keen on BNPL stocks because I feel they are inherently flawed given their price can't be justified by earnings, this is a potentially strong chart despite price remaining in a technical downtrend.

More of a trader's stock than a long-term sit and hold however.

Z1P 8Jul21


Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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