Zillow has been unable to rise more than 29.5% in the last year without undergoing a correction. Specifically, each rally of ~28% ends with a correction of at least 16%. Since the last bottom on May 8th, Zillow has appreciated 22%. Patiently waiting for rise to $115-118, marked by red box, for short sale.
Targeting return to the 50SMA, which has proved to be a significant support level. Note how Zillow has bounced off of its 50 SMA six times since late-March. Also important to watch the RSI, which has similarly found support at the lower trend line which has been intact since December.
I've used this pattern in conjunction with the 50SMA and RSI channel to identify short and long entries successfully before and optimistic this remains a good system.
5.19.14 - 3:58PM EST
Davide
Targeting return to the 50SMA, which has proved to be a significant support level. Note how Zillow has bounced off of its 50 SMA six times since late-March. Also important to watch the RSI, which has similarly found support at the lower trend line which has been intact since December.
I've used this pattern in conjunction with the 50SMA and RSI channel to identify short and long entries successfully before and optimistic this remains a good system.
5.19.14 - 3:58PM EST
Davide
