Zynga is a social game developer so let's get our console and check of the charts.
In the daily bar chart of ZNGA, below, we can see that prices have pulled back this month to break below the rising 50-day moving average line and test the rising 200-day moving average line. Prices broke the support around $6.00 but have so far quickly rebounded to the upside. Was this a bear trap?
The trading volume increased on the decline and the On-Balance-Volume (OBV) line turned lower. The Moving Average Convergence Divergence (MACD) oscillator crossed to the downside for a take profits sell signal.