Zomato’s stock price recently peaked at 304.7 on December 9th, a level that technical analysis suggests might be a medium-term high. The stock is currently approaching a crucial support level of 266. A breach of this level could trigger a steeper decline, potentially targeting 244 and even 227.
For traders seeking higher risk, a short position could be considered. A potential entry point for this strategy would be a bounce towards the 290 level. This counterintuitive approach capitalizes on the expectation of a downward trend.
On TIME FRONT
“Tomorrow, December 27th, marks an important cycle date.”
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