johntradingwick

ZEEL - Potential Bullish Scenario

Long
NSE:ZEEL   ZEE ENTERTAIN ENT
The price broke out of the downtrend line with high volume and rallied out of the falling wedge . But it faced resistance at the previous swing high. The market structure is still bearish . For the market structure to become bullish , the price must move up from 200 level and create new HH and HL. The price has been forming a falling wedge pattern, which is a bullish reversal pattern. Long positions can be opened on the breakout of 200 level(Above 200EMA).

The targets which I am looking at:
Target 1: 208
Target 2: 229
Target 3: 253

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

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P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk.
Comment:
Break of Structure with good volume. The RSI is on higher levels, the price might consolidate for a bit before shooting up.
Comment: Target 1 reached. ✅✅
Comment: Target 2 reached. ✅✅

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Comments

nice chart view and good explanation
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johntradingwick Umamageshwari
@Umamageshwari, I am glad you liked it :)
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great research
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johntradingwick gayatrisachan
@gayatrisachan, Thank you :)
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