PPR - ZNGA pocket pivot
ZNGA priced a secondary offering today at 12. It therefore has the issue price of 12 as a floor, or anything under 12 as your stop. This would be just under its 50-day moving average. Thus, given where ZNGA is currently trading, you have two levels of support.
ZNGA is currently at 12.69, so a stop placed just under 12 would be about 5.5% away.
ZNGA is an IPO stock, has flaws in its pattern as well as flaws in its earnings line, thus we normally would not put out a report on ZNGA. But given its potential upside due to its story and the excitement over the impending Facebook IPO, some members may wish to give ZNGA a try.
ZNGA develops social games via social networks and mobile platforms, including facebook as one very important social network.
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