Zions Bancorp (ZION)

Here's a bank that has significant exposure to housing/construction loans that is approaching a zone of resistance that make s a short trade in the area a fairly low risk trade. Resistance by way of the downtrend is around $37.50 or so. See the chart below.


Also take a look at this 10-min 3C chart showing some short term distribution taking place. This may be good for a quick short to sub-$30 levels with a stop just outside of the downtrend line.


Also take a look at the longer term chart, 5-day. This looks like a big bear flag and the volume diminishing it looks right for the formation too. The long-term projected target on a formation like this would be about -well lets say it could be in the single digits.