ZIP (Zipcar Inc.) at 21.20 PROBING 4-MONTH BEAR TRENDLINE RESISTANCE (SELL)

ZIP rebounded off the 17.03 YTD low (22 Aug) to probe the former 4-month bear trendline resistance (from 20 Apr/14 Jul/01 Aug highs), reaching 22.00 (31 Aug high) before consolidating. While the significant lower high at 22.08 (Resistance 1) near the former bear trendline caps, scope remains for bears to target 20.71 (Support 1) then 19.15 (Support 2). A clean loss there would open 17.03 (Support 3) for a potential retest. However, renewed strength above 22.08 would shift the near-term focus higher. An upside break there would stage 23.46 (Resistance 2), near 50% retracement of the 30.80(20 Apr YTD high) /17.03 decline, ahead of 25.88 (Resistance 3) near 61.8% retracement.

Trading Indication: Short-term (Intraday):
Sell at 21.60 or higher;
Target at 19.15 and lower; Stop Loss at 22.05> (2.0%)
Long-term: Possibly buy lower