Chart Pattern & Technical Structure: Current Price: ₹223.05, Chart Type: 2-hour candle
"Pattern Observed: Falling parallel channel formation"
Recent Action: Price recently touched the upper trendline of the descending channel, indicating resistance.
Bearish Wave Count: Looks like the price has completed a corrective wave up and could be entering the next leg down in the structure.
Next Support Zone: Lower channel boundary is around ₹190, making it a realistic downside target if the bearish leg continues.
📉 Expectations:
As long as Zomato respects the upper channel resistance, the short-term bias is bearish.
If momentum confirms with breakdowns on lower timeframes or volume picks up on the downside, it can head toward ₹190 zone.
Keep an eye on volume spikes or breakdown candles for early confirmation.
🔁 Invalidation:
If the price breaks and sustains above the upper channel, especially above ₹230–₹235 with volume, the bearish thesis is invalidated.
That may signal strength and a possible breakout, targeting higher levels (₹250+).
🧠 Trading Viewpoint:
Short Positioning: Can be considered near current levels with a strict stop-loss above ₹235.
Target Zone: ₹190 (as per channel projection).
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy/sell any security. Stock markets are subject to risks, and past performance is not indicative of future results. Please do your own research or consult a SEBI-registered financial advisor before making any trading decisions.
"Pattern Observed: Falling parallel channel formation"
Recent Action: Price recently touched the upper trendline of the descending channel, indicating resistance.
Bearish Wave Count: Looks like the price has completed a corrective wave up and could be entering the next leg down in the structure.
Next Support Zone: Lower channel boundary is around ₹190, making it a realistic downside target if the bearish leg continues.
📉 Expectations:
As long as Zomato respects the upper channel resistance, the short-term bias is bearish.
If momentum confirms with breakdowns on lower timeframes or volume picks up on the downside, it can head toward ₹190 zone.
Keep an eye on volume spikes or breakdown candles for early confirmation.
🔁 Invalidation:
If the price breaks and sustains above the upper channel, especially above ₹230–₹235 with volume, the bearish thesis is invalidated.
That may signal strength and a possible breakout, targeting higher levels (₹250+).
🧠 Trading Viewpoint:
Short Positioning: Can be considered near current levels with a strict stop-loss above ₹235.
Target Zone: ₹190 (as per channel projection).
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy/sell any security. Stock markets are subject to risks, and past performance is not indicative of future results. Please do your own research or consult a SEBI-registered financial advisor before making any trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.