Support and Resistance Zones.
There is a good support at 132 and 128 levels and resistance at 140 levels. A swing trader can look for the opportunity with a short term or medium term moves in a chart over days or up to coming weeks.
For the past few days the stock has been bearish but today after taking support at 132 levels yesterday , it made a bullish candle and a day high of 140.40. The next resistance is at 140. If the stock gives a breakout at 140.00 successfully then we can see an upside move.
What do we expect next?
The chart clearly shows that there is a range between 132 to 140 levels. And there is a Spinning top candle formation on 14/09/2021 as well which made a high of 152.75 breaking its previous price level, so far it is a good signal of continuation of uptrend in this stock and if we see a breakout above these levels in the coming days, then we could see a good bullish move in Zomato.
AS PER FIBONACCI LEVELS
As per Fibonacci levels, there is a buying opportunity above 140 which is 0.618 Levels in Fibonacci Retracement levels. There is retracement from 140 levels again to 136 levels. If we get a breakout above 140 level then we can see 146, 153 & 173 levels i.e. 0.786, 1.0 & 1.618 levels according to Fibonacci Retracement levels as shown in the image above.
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