Zeel has some strong buyers!

Zeel is a high beta stock. In the past few sessions, few strong bullish candles have shown that buyers have entered the stock and are taking all the supply, in order to move the price higher. Various technical confluences have been taken into consideration, including breaking over previous pivot high, price respecting the 21 day exponential moving average(EMA), price sustaining and closing above the resistance. These all indicate the underlying bullishness in ZEEL. A certain aspect, which I think, should have been there, is the accumulation zone, or stage 1 of wyckoff. Accumulation zone is a very strong confirmation that strong players were absorbing the supply as the price came down and hence pushed the price up. Without an accumulation zone, price may retrace down. But as the price has sustained above the resistance in today's session, I am pretty confident in terms of this stock's bullishness. If volatility is on the higher side, then naked call can be done, but if volatility is relatively low then 150 CE can be bought and 170 CE sold. For futures or cash, I will enter on a 5 minute chart, with pullback strategy, wherein, I will wait for price to come back towards the ema, or near the resistance-turned-support or Fibonacci levels of 50% and 61.8%. The above strategy is my opinion and it doesn't mean that I suggest you to carry this trade without any risk management.
Target of 165.9. SL according to risk management. This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in market.
Consult your financial advisor before taking trades.
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Grateful🙏

Comment:

Zeel has shown a tail on a 5 minute candle, which shows that the supply at 155 level has been absorbed. Buyers are present strongly in Zeel

Trade closed: target reached:

165 reached