ZAGG extended the decline off the 14.00 high through the bearish rising wedge lower bounds (from 18/24/26 Oct lows) to test the 11.60 key support ahead of the current consolidation. In the meantime, the bearish MACD studies suggest further downside as well. A breakdown below 11.60 (Support 1) would initiate the next downleg towards 10.02 (Support 2). Clearance below would risk an extension towards 9.00 (Support 3) for a retest.
It would take strength above 12.75 (Resistance 1) to negate and re-open 13.33 (Resistance 2) which guards 14.00 (Resistance 3).
Trading Indication:
Short-term: Sell at 12.00 or higher;
Target at 10.02 and lower;
Stop Loss at 12.50 (2.0%)
Long-term: Possibly buy lower
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