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ZOMATO has break the 5 month long trendline in downside . I've did this analysis on last trading session and today forgot to take short entry but it has break the trendline wth very good volume and today down almost 6%. this trendline can now work as resistance.
Zomato touched the strong demand zone that broke structure from downtrend to uptrend. Price reacted strong when the zone was touched and the volume was huge.
Mostly if NIFTY is positive on Monday, Zomato could change its trend and continue to rally.
It would be interesting if view is validated by the stock --- Zomato New LIsting riding uptrending Parallel Channel
Stock can test levels of 120-130 price.
Disclaimer: View for Education Purpose only, not to be taken as a trading advice.
zomato mcap of 1.5 L cr
a technical bearish aggressive scenario shall take place
as there are already enough peers against it and the craze of the same might fade away
and margins are shallow
i see stock moving south accordingly