Trade Setup in ZION

From its February 6 low of $49.76 ZION is up 14.65% hitting a high of $57.05 on March 9th. It then proceeded to shed 4.52% to a $54.47 low, before rebounding strongly on Friday, to close at the 13 EMA - $55.52. This sets up a classic "4x4 retracement" signal - four consecutive lower closes followed by a rebound towards the primary trend on the fifth day. With a risk management stop just below Thursday's low of $54.47 and a near-term target of $58.75, this trade has a good risk/reward ratio.