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go short on zEEL
ZEEL has formed symmetrical triangle pattern on weekly chart.
ZEE entertainment has been in 493 to 530 range for a while occasionally popping above this level up to 550. It hasnt been able to sustain long above the 530 level.
493 and 530 is acting as good support and resistance levels. One can trade whenever it reverses from these levels.
It is been observed that the price action formed a bearish ABCD harmonic pattern on daily and hourly chart indicating further move down.
Buy Signal - After RSI crosses 50
It is been observed on daily chart that the price action breaks above the downward trendline indicating Buyers empowering over Sellers and now it shall further move up. Price action is still consolidating in a range of 430-460 levels.
Target 1: 450
Target 2: 460
It is been observed on the daily chart that the price action breaks below 470 support levels indicating bears dominance and now it shall further down towards next support levels at 442-438 levels.
As per Elliott Waves, it is been observed that the price action has completed 5 waves by reaching to 585 levels today. Wave 5 was counted as Extension of Extension Wave which made it the largest among rest waves. Now, it is a good time to look for a short opportunity. I believe a double top can be seen in few days which may act as a good opportunity to short. ...
Just breaking out from a consolidation, expected to reach 506-507 and make a double top at the resistance level Intraday gain expected 3-4 SL 497 (3-4)
Risk Reward: 1:1