Before even the public announcement of Zee – Sony Merger, Zee Entertainment Ltd Shares shot up from 200 to 340, which is almost 65% Rally in Stock Prices. But after testing the Highs at 360 in the month of September, Momentum reduced in the Stock and now it’s moving more or less like an upward channel.
The Behavior denotes a fierce battle between buyers and sellers try to take control of Price Action. Can we expect any sharp movement in ZEEL Stock Prices? Take a look at the Price Action Analysis to understand.
ZEEL Price Action Analysis on 1D Chart
There are few important things we can notice in ZEEL Stock Prices
First of all, we can clearly see the Upward Channel in the Price Action. Apart from that, we can notice the Short Sellers who got trapped in the Stock multiple times. But even after that, we are still seeing a fierce battle between Bulls and Bears.
Apart from that, Volume is declining in the Stock, which means less trading activity and order flow is taking place. Not much big orders are coming into the shares.
In order for the Stock Prices to move sharply to the Upside, we need to see a Clear Breakout and retest at the Resistance Zone at 380. Likewise, if we expect to see a strong downside, Prices must break and retest the Support Zone around 315.
Unless and until we see either one of these scenarios playing out, Prices are likely to be struck within a Channel or Range bound Price action
Traders should keep an eye on the Stock Prices in 1D Chart and must take positions accordingly.