Hi Traders / Investors ,
This is a Swing / Positional Trade.
I can see a bullish momentum in Zomato for following reasons :-
1) Resistance Level from ( 4 months ) got broke now acting as a Support.
2) Breakout with large bullish candle with increased Volumes.
3) As per Fibonacci , it is taking Support at 0.382 level which is good support with healthy retracement.
4) As per RSI indicator, it is above 60 level which is considered bullish.
Giving a Risk to Reward of 1:5 , with staggering returns upto 26% ,
Entry - 153 -154 level
Stoploss - 145 level
Target - 194 level
This is just an analysis so don't take any decisions solely based on this.
Please give thumbs up if liked this analysis, as it requires deep research.
This is a Swing / Positional Trade.
I can see a bullish momentum in Zomato for following reasons :-
1) Resistance Level from ( 4 months ) got broke now acting as a Support.
2) Breakout with large bullish candle with increased Volumes.
3) As per Fibonacci , it is taking Support at 0.382 level which is good support with healthy retracement.
4) As per RSI indicator, it is above 60 level which is considered bullish.
Giving a Risk to Reward of 1:5 , with staggering returns upto 26% ,
Entry - 153 -154 level
Stoploss - 145 level
Target - 194 level
This is just an analysis so don't take any decisions solely based on this.
Please give thumbs up if liked this analysis, as it requires deep research.