ZIOPHARM ONCOLOGY INC. - NASDAQ: $ZIOP Building Base

After recapturing its 200 DMA back in March and subsequently vaulting from a 3 to 4 - handle, ZIOPHARM ONCOLOGY INC - NASDAQ:ZIOP has found itself in a sideways drift and appears to be building a base these past couple of months as we can observe from the Daily chart above.

With the stock trading above all of its important moving averages 20/50/200 DMA's, ZIOP remains in a favorable technical posture as the base building process continues to develop.

In addition, if one were to zoom-out to both the Weekly and Monthly time-frames, we can also see that ZIOP may just be in the process of building-out a potential inverted H&S pattern and should such development materialize and complete, the longer-term measured move implies an initial $8 objective.

Moving forward, if and when at any time in the days/weeks ahead ZIOP is capable of clearing the $4.85 figure and perhaps more importantly the $5 level, such occurrence would likely suggest that higher levels are in the offing.

Thus, both investors/traders may want to continue to monitor the action closely moving forward.