ZOMATO LTDShort
Zomato: Waiting for a bad news!!!!!!!!!!!!!!!!!!
Please see my previous studies related to Zomato:
In Daily Time frame i have some observations that are :
1. Price Took Resistance at Double Top Neckline and then a follow up also came and closed below previous low
2. A Long Term Trend Line (joining Nov,21 & May 24): Price has broken down this trend line with good volumes
3. If we Look at 16 Jan High and 4 Feb High we can see A bearish RD has been developed if we compare Price is masking Lower High and Stochastic, MACD & RSI is making Higher High, in These situations Price Generally makes a New Low, Hence we can say We can see levels below 205 in coming Days
4. When to Book Profit :
My First Target is Conservative that is previous swing bounce i.e 205 (Book 25%)
My Second Target is 185 i.e Double Bottom Target 3 (Width of "M") (Book 50%)
5. My view may be seen very harsh, but levels of 150 are also possible if Wave C completes 2.62 times if wave A
I think Zomato will be witnessing a BAD news in upcoming Days, if this happens then that day will be my last day for Zomato as a bear.
In Daily Time frame i have some observations that are :
1. Price Took Resistance at Double Top Neckline and then a follow up also came and closed below previous low
2. A Long Term Trend Line (joining Nov,21 & May 24): Price has broken down this trend line with good volumes
3. If we Look at 16 Jan High and 4 Feb High we can see A bearish RD has been developed if we compare Price is masking Lower High and Stochastic, MACD & RSI is making Higher High, in These situations Price Generally makes a New Low, Hence we can say We can see levels below 205 in coming Days
4. When to Book Profit :
My First Target is Conservative that is previous swing bounce i.e 205 (Book 25%)
My Second Target is 185 i.e Double Bottom Target 3 (Width of "M") (Book 50%)
5. My view may be seen very harsh, but levels of 150 are also possible if Wave C completes 2.62 times if wave A
I think Zomato will be witnessing a BAD news in upcoming Days, if this happens then that day will be my last day for Zomato as a bear.
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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.