Zomato is following a downward resistance trendline. Yesterday, it broke the trendline with a strong green candle. It has touched the trendline 4-5 times, and now there is a strong probability of it going up towards the target.
On June 2nd, I posted a Zomato chart where I clearly mentioned that a "breakout ("BO") was expected on June 3rd". It happened, but on June 4th, election results news pulled back the market, causing Zomato to go down. However, it took support at 170, which was also mentioned in the June 2nd chart. On June 5th, Zomato broke the trendline again.
Finding the right support, resistance, and drawing the right trendlines are more than enough. Keep it simple; there is no need to make your charts complicated.
For learning and educational purposes only.
On June 2nd, I posted a Zomato chart where I clearly mentioned that a "breakout ("BO") was expected on June 3rd". It happened, but on June 4th, election results news pulled back the market, causing Zomato to go down. However, it took support at 170, which was also mentioned in the June 2nd chart. On June 5th, Zomato broke the trendline again.
Finding the right support, resistance, and drawing the right trendlines are more than enough. Keep it simple; there is no need to make your charts complicated.
For learning and educational purposes only.
Comment:
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Trade active:
Today Zomato touched 200, there is more potential, may go towards 270 in a few weeks.
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