Q2 STOCKS TO BUY

Zillow Group Stock's Technical Ceiling Won't Last

Short sellers are already hitting the exits

Digital Content Manager
Mar 30, 2023 at 3:13 PM
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Zillow Group Inc (NASDAQ:Z) stock is down 1.5% to trade at $42.61 at last check, but has added over 32% in 2023. After pulling back to the $38 level earlier this month, the security has struggled to overcome pressure from the $44 area, which first emerged in February. That ceiling may soon become a thing of the past, though, as Z is currently within striking distance of a historically bullish trendline. 

Specifically, Zillow Group stock is within one standard deviation of its 60-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the security saw five similar signals over the last three years, and was higher one month later 80% of the time to average a 13.5% gain. A comparable move from its current perch would place shares over $48-- well above that level of resistance.

Z 60 Day

Though short sellers are already hitting the exits, there's still plenty of pessimism left to unwind, which could generate additional tailwinds. Short interest dipped 3.8% in the last reporting period, but the 18.47 million shares sold short still make up 12.2% the equity's available float, or over one week's worth of pent-up buying power.

 

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