Will ZIM Ship Up?
Will 
ZIM Ship Up?
ZIM has a falling wedge pattern on the daily timeframe!
A cup was also identified inside of the falling wedge pattern. The stock looks prime for a move to the upside after we form a handle to the cup that formed just under the daily resistance line. I expect a handle to form in confluence with price rejection at the trendline.
The daily chart as of 4 February 2023 shows that we have too many buyers at the line of resistance. Therefore, I expect a selloff (creation of the handle) and in turn less buyers (which is what we want) before the break of the line of resistance. After the line breaks, we will see more buyers step in to then push us up above the handle and line of resistance (daily trendline).
However, it's understood that price could push through the line of resistance and hold above it. If it price holds above the line, then the stock will be inside of a gap that has not filled.
ZIM has a gap between 23-25.42. The stock gapped down on 28 November 2022.
ZIM closed at 22.85 on 3 February 2023.
*This is not financial advice.
Akili,
MrALtrades00
ZIM Ship Up?ZIM has a falling wedge pattern on the daily timeframe!
A cup was also identified inside of the falling wedge pattern. The stock looks prime for a move to the upside after we form a handle to the cup that formed just under the daily resistance line. I expect a handle to form in confluence with price rejection at the trendline.
The daily chart as of 4 February 2023 shows that we have too many buyers at the line of resistance. Therefore, I expect a selloff (creation of the handle) and in turn less buyers (which is what we want) before the break of the line of resistance. After the line breaks, we will see more buyers step in to then push us up above the handle and line of resistance (daily trendline).
However, it's understood that price could push through the line of resistance and hold above it. If it price holds above the line, then the stock will be inside of a gap that has not filled.
ZIM has a gap between 23-25.42. The stock gapped down on 28 November 2022.
ZIM closed at 22.85 on 3 February 2023.
*This is not financial advice.
Akili,
MrALtrades00
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