chart

It's been bugging me for ages that as a chartist I couldn't crack the ZYL pattern, but I'm pretty confident this is it.... in fact the trendlines I've drawn on 18 months of trading have a bit of historical significance as well as I've shown in the second chart.

Of course there's a chance there's more downside but I'll concentrate on the bullish argument.

Very recently it's started to form a rounded bottom of sorts, and a pretty well tested base at 12.5. The 13.5 level we're struggling with at the moment is both that uptrend channel we fell out of (today was a Monty Burns style tick up above it and back to support) as well as the 78.6% fib retracement from the Nov 11 low of 10.5 to the 26 highs in Feb.

A Elliott Wave guru mate tells me it's also a 5 wave down completed on June 15 which is good so I am told.

Volume tells us very little and it's a waiting game. At least diminishing volume hopefully means the selling has stopped and the downtrend may have come to an end.

All of that aside, very simple price analysis tells me a close above 14.5 would be pretty bullish.

On the bearish side 10.5 still not out of the question, but I'm sorta kinda ignoring that. :-)