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ZaZa Energy (
ZAZA) is a privately-held independent exploration and production company focused on the exploration and development of unconventional onshore oil and gas resources in the U.S. This stock is trading up 1.4% to $1.42 in recent trading.
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From a technical perspective, ZAZA is trending modestly higher here right off its 50-day moving average of $1.38 with lighter-than-average volume. This move is quickly pushing shares of ZAZA within range of triggering a major breakout trade. That trade will hit if ZAZA manages to take out some near-term overhead resistance levels at $1.48 to $1.53 with high volume.
Traders should now look for long-biased trades in ZAZA as long as it's trending above its 50-day at $1.38, and then once it sustains a move or close above those breakout levels with volume that hits near or above 401,645 shares. If that breakout triggers soon, then ZAZA will set up to re-test or possibly take out its next major overhead resistance levels at $1.70 to its 200-day moving average at $1.88. Any high-volume move above those levels will then put its next major overhead resistance levels at $2 to $2.30 into range for shares of ZAZA.