ZNGA Chart ZNGA data by YCharts

Zynga ( ZNGA)

This company operates as a social game developer with 232 million average MAUs in 166 countries. This stock is trading up 5.8% to $2.26 in recent trading.

Today's Range: $2.12-$2.30

52-Week Range: $2.09-$15.91

Volume: 10.53 million

Three-Month Average Volume: 17.35 million

From a technical perspective, ZNGA is ripping higher here right off some previous support levels at $2.10 to $2.09 with decent volume. This spike is coming after shares of ZNGA have dropped in the last three months from $3.40 to $2.09. This action Thursday is now moving ZNGA within range of triggering a near-term breakout trade. That trade will hit once ZNGA manages to take out some near-term overhead resistance levels at $2.37 to $2.62 with high volume.

Traders should now look for long-biased trades in ZNGA as long as it's trending above that near-term support level at $2.09 and once it sustains a move or close above those breakout levels with volume that hits near or above 17.35 million shares. If that breakout triggers soon, then ZNGA will set up to re-test or possibly take out its next major overhead resistance levels at $3.24 to $3.40.

Any high-volume move above $3.40 would then give ZNGA a chance to re-fill some of its previous gap down zone from July that started at over $5.

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