Bullish Breakout In Zomato

9 thg 3, 2023

This 1-hour chart of Zomato shows a symmetrical triangle, which favors the bullish side. In my opinion the price will be constrained in the triangle for some time to come. The better it takes time to complete the triangle, the better will be the breakout. Once it breaks out from this pattern it could go up to 59.35 or 7.11% of up move, but before reaching that level small jitter in the prices can be seen (see the white line) this is the area where a small correction in the price can be observed.

15 thg 3, 2023

Ghi chú

Due to the ongoing SVB fiasco markets went heavily bearish in United States including other world markets and India was no exception. Thus, this trade idea became obsolete out of the blue. But if everything goes alright and the stock retests the low of the ascending triangle and gets in the triangle again then we can follow our plan as it is, cause a retest increases the viability of the pattern. Also remember this retest should be the done quickly otherwise it will convey no point. So, if the stock price does retest the triangle by 16 March we are good to go, but if it doesn't retest it will create a somewhat bearish flag pattern which indicates us further selling. Then you can plan for short selling the stock.
That's the plan