$Z: Meaningful Bottom Revisited

Three weeks ago I noted that $Z (Zillow) was forming a meaningful bottom at the $71 area and was poised to head back over $80 per share.

http://www.optionmillionaires.com/z-chart-perspective-meaningful-bottom/

Today the stock closed at $83.66.

z1

I also said a move back to triple digits was coming. That will likely have to wait until early 2014. The stock is clearly gaining momentum and we've seen how explosive it can be when buyers drive it up. Also, keep in mind that short interest is back at March 2013 levels. At that time, the stock was trading for $50 per share. The shorts continue to get this stock wrong and I don't expect that to change anytime soon.

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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