Z-obee Potential Complex Head and Shoulders Formation

The complex head and shoulders pattern took about half a year to form and is still a work in progress. A breakout above the 41.5 to 41 cents immediate resistance band will probably see the creation of a multiple right shoulders pattern similar to the one on the left of the head. The blue dotted resistance zone will probably halt any advance above 41.5 cents.

Any weakness that drops below the 39 cents immediate support will find the next support region at 37 to 35 cents. If further weakness persists and if the red neckline breaks strong support is expected at the green support area.