Zomato Ltd (NSE: ZOMA Technical Analysis and Potential Trad

אתמול

Zomato is showing a breakout from a descending channel on the daily chart, signaling a potential bullish trend reversal. The stock has risen above the resistance level, with strong buying momentum indicated by recent volume spikes.

Key Observations:

Fibonacci Levels: The price has surpassed the 0.618 Fibonacci retracement level, suggesting further upside potential. Key levels to watch are the 1 level at ₹240 (support) and the current level around ₹269, with possible resistance near ₹284.

Indicators:

MACD: Positive crossover with rising histogram bars, indicating bullish momentum.

RSI: RSI is trending upwards and is above 57, suggesting increased buying interest without being overbought.

Volume: Volume spike confirms the breakout from the channel.



Trade Idea: If the stock sustains above ₹269, it may continue to rise, with immediate resistance around ₹284. A sustained close above this level could confirm the uptrend. Stop-loss can be considered near ₹254.83 (recent support).

Disclaimer:
This analysis is provided for educational purposes only and should not be considered as financial advice. All trading involves risk, and you should conduct your own research before making any investment decisions. I am not a licensed financial advisor, and this idea reflects only my personal opinion and analysis based on publicly available information.