Greetings Folks,
today i have prepared a setup of ZOMATO on NSE
the analysis is as follows
- the stock is one of the volume leaders today
- broke out of previous with good volume
- now doing the traditional retest
- you can buy now or go for a conservative entry with the below zone i marked
dont play with fire, always use predefined stoploss
It's simply the best time to exit ZOMATO according to me.
I have updated the wave counts for your reference.
It's most likely to form a WXY pattern on a cycle degree.
Wave Y may form ending diagonal in 5 wave formation with a downside of upto 26 level.
A fall of around 73% from CMP.
I am just sharing my views here.
You do your own due diligence before taking...
We have seen a remarkable rally in Zomato Ltd in the past few months from 45 levels to 75 levels, that's a whopping 81% gain in a span of about six months only.
Well, the stock doesn't seem to stop here and has the potential to give another 70-80% gain in another 6-8 months' time, if sustains above 69-70 levels.
It can be a great risk to reward positional trade...
Poor fundamentals will lead to a massive fall ahead.
Around 25% upside left upto 90-95 levels before a 75% fall towards 22.50 level.
This is not a trade recommendation.
Hope you find my insight helpful.
Do your own due diligence before taking any action.
Peace!!
Zomato looks pretty good on the daily and monthly chart
- Positive Price Action
- Started forming bullish structure( HH- HL)
- Huge volume on August Monthly Candle
Sustaining 53 levels, the stock is most probably moving towards 75 to 85 levels in the coming weeks.
Type of Trade: Long Positional Trade
Buy on dips
This is very risky stock so just consider for learning purpose.
My view is just technical analysis you can check fundamental analysis in details.
Risk Management is important than setup
Manage your risk
Channel Learning
Very Volatile and Risky stock
if day candle close above 68
Target 1: 85
Target 2: 94
Rejection from channel then short
Target 1: ...
