After coming back to accumulation levels and a double corrective ABC
ZIL has some good potential to bounce from here. The following indicators that confirm this is the 30 EMA
and 50 SMA
1-Day averages and the RSI
showing lots of strength and breaking above a resistance line. Also looking at a parallel downtrend channel
, the last resistance line from the ATH
parallel to the main trend will be broken upwards resulting in a good upward momentum.
First targets on the list are:
TP1 - 598
TP2 - 672
TP3 - 792 (1.618 and (4) of downtrend EW).
If ZIL manages to go beyond 800 see it heading even higher.
Good luck trading and don't forget to drop
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