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Nearest Resistance: $2.75
Nearest Support: N/A
Catalyst: Outlook Cut
Zynga(ZNGA - Get Report) to find bottom? Don't hold your breath.
>>8 Big Tech Stocks Leading the Market
Shares of the San Francisco-based social game company have slid more than 75% since their first trading day this past December, and they're continuing the trend this week, drawing big volume on a 19% down move in this afternoon's trading. Zynga's latest drop comes courtesy of a cut on its financial outlook. The price action isn't a huge surprise - Zynga is one of five social media stocks that
I recommended selling back in July.
Zynga's horrendous technicals are the biggest reason to avoid shares. This stock broke down below support at $2.75, turning that level into a resistance level -- yet another upside barrier for shares. This stock has been consistently making new lows each month and buyers are nowhere to be found.
Without conviction from buyers, expect this stock to keep falling until sellers can't sell it anymore.