ZEEL - Take a break from the free fall !

ZEEL has corrected by 22% in a span of 30 trading days. A head and shoulder was formed at the price level of 500, but was taken down forcefully by the bears in the ongoing attack on Nifty . Thereafter, the stock has corrected even further and is about 3% away from its next support level - around 430.

As a further downside is expected in Nifty - 7850 to 7900 levels, we'll watch out whether ZEEL touches around th 430 zone and takes support from there.

Note that atleast 2-3 candles have to be formed without breaking the 430 support before initiating the long In position. In any case, avoid taking longs before it reaches this level.
I'll keep on updating the post in case the stock behaves as expected.

Please provide your feedback in the comments section. I'd be happy to hear you!

Nikhil Ghodke
Indian Institute of Management, Indore (IIM-I)
Mob 7719034978
Comment: Voila!

ZEEL bounced just as it reached 430 on 21st November.
We also have 2-3 candles formed, holding the support.

Looks good to re-enter at 432-434 levels, if we get good support. However, strict SL to be followed below 430 level.

Target: 465
SL: 429
Trade closed: target reached: Updating the idea after almost six months - hit the play button to check out the results!

ZEEL took support exactly at the identified levels, achieved the set target @ 465 and moved beyond to scale higher targets.

For a trader, nothing gives more happiness than forecasts turning into reality.

Always respect the market and enter/exit at key price levels!


Amazing price action! Press the load data (Play) button on the chart to see whether our analysis was correct!
Thanks a lot. quite insightful
Nice Nikhil
Down trend has started around October 28. It may last between four (4) to Eight (8) weeks. My technical analysis is based on 1 Hour time frame with EMAs and MACD with different parameters to avoid whiplash. It tested the resistance at 520 and moved in the direction of EMAs. No point in forecasting the support as it has a high separation of EMAs which signals very strong downtrend.
NikhilGhodke MKhatri05
@MKhatri05, Absolutely right. That is why we have to look for a few candles above any next support level, which will cause a convergence in the two EMAs as well as bullish crossover in MACD. If overall market supports, alongwith good deliverable volumes, only then can we think of a long position.
Thank you so much..Nice observation...will wait for your next idea..
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