bullish bat pattern in zeel weekly view

Somanathrout Updated   
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.
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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.