๐Ÿ“ข #StockAnalysis
๐Ÿ“Š Zee Entertainment Ltd. (#ZEEL), a leading player in the media sector with a market capitalization of 19,325 crores, is currently experiencing a downtrend, hitting a 5-year low.
๐Ÿ“‰ Following the release of disappointing financial results on May 25th, ZEEL's stock price plummeted to 175. However, it caught the attention of heavyweight investors, leading to a significant rebound on May 26th, characterized by a bullish candle and exceptionally high trading volume of 46 million shares, surpassing the 10-day average by 400%.
๐Ÿ“ˆ From a technical perspective, ZEEL has formed an inverse Head and Shoulders pattern on the daily timeframe and successfully broke out from it. This pattern suggests a potential reversal in the stock's trajectory.
๐Ÿ’ผ Furthermore, the CNX Media Index is exhibiting bullishness, indicating positive sentiment and a favorable outlook for media stocks. This could contribute to a potential bull run for ZEEL.
๐Ÿ“Š For short-term traders, it may be worth considering long entries in the range of 199-201, while maintaining a strict stop loss at 190 (-5%) to mitigate downside risk.
๐ŸŽฏ The short-term price targets for ZEEL are projected at 218, 227, 244, and 270, offering potential gains ranging from 8% to 35%.
Chartbusters - chart - 71795713