Somanathrout

bullish bat pattern in zeel weekly view

Long
NSE:ZEEL   ZEE ENTERTAIN ENT
zeel has given close on multi year support area . both in weekly abcd pattern and xabcd pattern it is looking bullish . aggressive buyers can take long positions at
cmp and normal buers can take position after 171. remember this is a weekly chart and decisions to be taken on closing of a candle on weekly basis.
Comment: Zeel taken resistance at 60 sma in daily chart and taken support at 30 sma.

Wave reversal might give target 1 ....159 ,23.6%
Target 2....................154, 38.2%
Target 3 150, 50%
Target 4....146 , 61.8% of its recent top.

Trend reversal to trust after touching one of the above mentioned levels and a positive candlestick made on a 4 hour chart.

151.5 level is the tenkansen in daily chart which might act like a cushion to push up the price will be a buying opportunity with a stoploss at 143 and target of 172.4 which is kijunsen in daily chart and will give strong resistance. With 1:3 risk reward strategy it looks a good bet.

Happy trading.

Comments

hope your prediction comes true!
iam long @ 157
Reply
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