Zeel @ 266 Inverted Head and Shoulder pattern - breakout came above 255 levels.
Supply zone 265 -has given breakout above one of the major the supply zone and sustaining it. if it remain above 265 levels for the day or 2 Hold.
Resistance @269 - 270 : new buy position shall be made once it hold 270 levels for a day.
Upside of 20 - 25% possible in near term if everything moves smoothly.
RSI well placed near 70.
Stop Loss - if anyone has made position in it or willing to buy place sl near 258 - 259, if intraday closing comes below it move out of the stock for while as it may retest 245 - 250 levels.
But the view is bullish as has made fantastic and perfect bullish pattern.
disclaimer : views are personal, ask your advisor before taking position.
ZEEL trade ideas
zeel, bu 240-42, target 300Mr. Punit Goenka, Managing Director & Chief Executive Officer of the leading content company, ZEE Entertainment Enterprises Ltd. (ZEEL) was conferred with the coveted Game-Changer of the Year award at the International Advertising Association’s (IAA) Leadership Awards held in Mumbai
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ZEE Entertainment Enterprises Ltd Trend AnalysisHigh probability trade setup.
Price is moving inside an ascending channel since Covid crash.
Broader pattern looks like potential Cup with Handle formation.
Handle is forming inside the descending wedge pattern highlighted.
Accumulation zone is around 200 level highlighted as green.
Medium term swing target @ 400 (100% ROI with 8 R:R)
Medium term positional target @ 475 (137.5% ROI with 11 R:R)
Long term positional target @ 635 (217.5% ROI with 17.4 R:R)
Stop Loss below 175, conservative stop loss @ 185 (can hit if descending wedge pattern fails)
Do your own due diligence before taking any action.
Peace!!