Comprehensive Technical Analysis of ZenaTech, Inc. (ZENA)

Step 1: Major Trend Identification – Daily Chart

Analyzing the recent months on the daily chart reveals ZENA had been trading in a low and tight range ($2.04–$2.75) until late May, when an explosive multi-day rally occurred on extremely high volume, beginning with the May 24th session. Since then, the price has quadrupled, peaking intraday near $6.30 before settling just below $5.00 at the last close, indicating major volatility and a parabolic move.

Short-term (last two weeks) price action shows:

• Sharp move from $2.5 area to $6.3 (over +100% in days);
• Reversal candles and closing well off highs (e.g., June 13th open $5.32, high $6.30, close $4.97).

This parabolic run is now cooling, with evidence of profit-taking and an emerging distribution.

Trend conclusion: After an unsustainable upward surge, the trend shows early signs of exhaustion and may be entering a corrective/consolidation phase.

Step 2: Candlestick & Pattern Analysis

• Multiple long upper wicks (June 5th, 6th, 13th) and closes below session highs suggest persistent selling pressure into each rally attempt.
• June 13th and 10th: Bearish engulfing and spinning top candles near peaks – classic reversal signals.
• Intraday for June 13th: Significant volatility, failed breakout above $6.20, heavy selloff to sub-$5.00. Close at $4.97 barely above session and hourly lows ($4.87).

Patterns suggest a potential 'blowoff top', followed by high probability of short-term mean-reversion.

Step 3: Volume Analysis

• Run-up phase punctuated by extremely high volume (June 5th: ~137M shares vs. prior days of 1-6M, sustained in subsequent high volume windows).
• Volume receding over subsequent sessions despite fresh highs.
• Distribution evident as up-volume spikes (intraday) are met with equally strong down-volume in selloffs.
• Absorption by sellers appears to be increasing at these elevated prices.

Conclusion: Classic late-stage speculative run. Volume climax often precedes significant correction.

Step 4: Support & Resistance Identification

• Recent resistance established in $6.20-$6.30 range (multiple failed attempts to sustain above intraday).
• Secondary resistance: $5.50 – $5.70 range (June 13th, failure & reversal zone).
• Psychological support: $5.00, but price broke below this intraday and closed just below.
• Next key support: $4.40–$4.50 (prior local lows and key retracement levels).
• Below that: gap fill and congestion zone seen at $3.90 – $4.10.

Step 5: Moving Averages (Short-term Calculations)

• 10-period SMA: Rapidly ascending, now flattening in the $5.10 – $5.30 area. Price is drifting below.
• 20-period SMA: Approaching $4.40–$4.50, providing a likely support area if correction continues.
• Price action: Currently BELOW the short-term average(s). Early warning of trend change.

Step 6: RSI, MACD, and Momentum

• RSI (14): Likely in overbought territory (>75) at the recent highs, but quick price drop would have pulled it down to ~55–60 region. The negative divergence (RSI fails to make new highs as price does) is visible.
• MACD: Bullish crossover happened in early June. Histogram showing declining momentum and possible topping.
• Stochastic: Overbought and turning downward, confirming exhaustion signal.

Step 7: Fibonacci Retracement (From $2.50 low to $6.30 high)

• 23.6% retracement: ~$5.40
• 38.2% retracement: ~$4.80 (spot price nearby)
• 50% retracement: ~$4.40 (matches support zone)
• 61.8% retracement: ~$4.00 (major congestion and gap support)

With price at $4.97, it's hovering just above a key retracement. If $4.80 is breached, rapid move to $4.40–$4.00 is likely.

Step 8: Intraday Volatility & Order Flow

• June 13th volatility high, with intraday range from $4.87 to $6.30. However, hourly closes successively lower: $6.07 → $5.13 → $5.01 → $4.97.
• Orderbook: Momentum selling outweighs buying pressure post-reversal. Quick intraday bounces get faded fast.
• No evidence of institutional support at current level.

Step 9: Sentiment and Market Structure

• Risk appetite was extremely high (FOMO-driven parabolic spike), but shift to risk-off is underway as late longs are forced to exit.
• The price is unlikely to immediately regain $6.00+ without a consolidation phase.
• High volatility and large supply overhang at/above $5.30.

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Summary and 24-Hour Price Prediction

Expectation: After the failed breakout and large red candle on heavy volume, ZENA is poised for a near-term pullback/consolidation. Short-term bounce attempts (to $5.20–$5.35) should be capped by supply, while support is weak down to $4.40–$4.50. Downward momentum likely to persist in the next 24 hours as profit-taking and late-buyer capitulation continue.

Trading Plan: Recommended action is to SELL (short) rallies into resistance within the $5.10–$5.20 range to capitalize on short-term weakness. Target a cover at the confluence of support zones: primary at $4.50, secondary at $4.30. Risk control: hard stop above $5.40 (recent supply zone and Fibonacci level).

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Final Decision: SELL

• Open short at $5.12 (first bounce or at current market if available)
• Take profit at $4.50 (next robust support/Fibonacci level)

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Cross-Check: All techniques (trend, candle, pattern, volume, momentum, Fibo, S/R, intraday order flow) confirm a high-probability short setup.

24-hour forecast: $4.40–$5.20 range; likely test of $4.50 support within next session as corrective move unfolds.