Zomato double bottom pattern
Zomato:
Currently at 74.90. But making a pattern double bottom with bottom of 44-46 rs.
And resistance of pattern is 74-72rs. The resistance is already broken with a above average volume .
Also the resistance has low selling volume but the support( both the bottoms)
has extraordinary buying volume so the pattern is being made from very early.
Now if it makes good green candles and crosses the 78rs level then the first target to 85.10rs . And with trailing stop loss the 2nd main target may be 100rs.
1st target is 8% with a risk reward ratio of 1:2.
2nd target is 20%.
Currently at 74.90. But making a pattern double bottom with bottom of 44-46 rs.
And resistance of pattern is 74-72rs. The resistance is already broken with a above average volume .
Also the resistance has low selling volume but the support( both the bottoms)
has extraordinary buying volume so the pattern is being made from very early.
Now if it makes good green candles and crosses the 78rs level then the first target to 85.10rs . And with trailing stop loss the 2nd main target may be 100rs.
1st target is 8% with a risk reward ratio of 1:2.
2nd target is 20%.
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