ZOMATO Stock Analysis: Breakout Signals, Targets, and Risk Level
Price and Trend (ZOMATO LTD - Weekly Chart):
Current Price: 241.85 INR.
Pattern Formation:
The stock is within an ascending channel, indicating a bullish trend in the long term.
However, the price has recently slipped below a key support zone (possibly the channel's lower boundary), signaling potential weakness.
Fibonacci Levels:
Key support lies around S1 (200 INR).
Resistance levels are at R1 (280 INR), R2 (320 INR), and R3 (400 INR).
MACD Analysis:
MACD histogram shows increasing bearish momentum.
A bearish crossover is evident, indicating continued downside pressure unless momentum shifts.
Price, Moving Averages, and Volume (6-Month Chart):
200-Day Moving Average (DMA):
The price is close to this critical support, near 230-240 INR, which could act as a bounce-back zone.
50-Day Moving Average (DMA):
Downward sloping, reinforcing the short-term bearish trend.
Volume Analysis:
Spikes in volume on recent down days suggest selling pressure.
Accumulation at the current levels may hint at possible demand.
Breakout Potential:
Downside Risks:
If the price fails to hold 200 INR, it could slide further to S2 (160 INR) or lower.
Upside Breakout:
A strong recovery above R1 (280 INR) with high volume could indicate the start of a bullish reversal.
A breakout above 320 INR (R2) will confirm sustained bullish momentum.
Targets and Stop Loss:
Immediate Support: 230-240 INR (200 DMA).
Break below this level could lead to a sharp decline.
Stop Loss: Place a stop below 200 INR for long positions.
Targets:
Short-term target: 280 INR (R1).
Mid-term target: 320 INR (R2).
Long-term target: 400 INR (R3).
Strategy:
Bullish Scenario:
If price reclaims the channel and MACD turns positive, buy on a breakout above 280 INR with a target of 320 INR, maintaining a stop loss at 240 INR.
Bearish Scenario:
A breakdown below 230 INR opens a downside target near 200 INR and potentially 160 INR.
Watch for Volume Confirmation:
A decisive breakout should be accompanied by high volume to confirm trend reversal.
Current Price: 241.85 INR.
Pattern Formation:
The stock is within an ascending channel, indicating a bullish trend in the long term.
However, the price has recently slipped below a key support zone (possibly the channel's lower boundary), signaling potential weakness.
Fibonacci Levels:
Key support lies around S1 (200 INR).
Resistance levels are at R1 (280 INR), R2 (320 INR), and R3 (400 INR).
MACD Analysis:
MACD histogram shows increasing bearish momentum.
A bearish crossover is evident, indicating continued downside pressure unless momentum shifts.
Price, Moving Averages, and Volume (6-Month Chart):
200-Day Moving Average (DMA):
The price is close to this critical support, near 230-240 INR, which could act as a bounce-back zone.
50-Day Moving Average (DMA):
Downward sloping, reinforcing the short-term bearish trend.
Volume Analysis:
Spikes in volume on recent down days suggest selling pressure.
Accumulation at the current levels may hint at possible demand.
Breakout Potential:
Downside Risks:
If the price fails to hold 200 INR, it could slide further to S2 (160 INR) or lower.
Upside Breakout:
A strong recovery above R1 (280 INR) with high volume could indicate the start of a bullish reversal.
A breakout above 320 INR (R2) will confirm sustained bullish momentum.
Targets and Stop Loss:
Immediate Support: 230-240 INR (200 DMA).
Break below this level could lead to a sharp decline.
Stop Loss: Place a stop below 200 INR for long positions.
Targets:
Short-term target: 280 INR (R1).
Mid-term target: 320 INR (R2).
Long-term target: 400 INR (R3).
Strategy:
Bullish Scenario:
If price reclaims the channel and MACD turns positive, buy on a breakout above 280 INR with a target of 320 INR, maintaining a stop loss at 240 INR.
Bearish Scenario:
A breakdown below 230 INR opens a downside target near 200 INR and potentially 160 INR.
Watch for Volume Confirmation:
A decisive breakout should be accompanied by high volume to confirm trend reversal.
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