ZEEL NSE Stock Candlestick Charts Technical Analysis

ZEEL stands for Zee Entertainment Enterprises Limited is a global media and entertainment company.They are one of the pioneer in television broadcasting, movies, music, live entertainment and digital businesses.

For investing in any stocks,you need to look at large picture before adding it to your portfolio.
We look at larger time frames like quarterly and monthly charts before taking a decision.So below is a look at quarterly time frame chart.

 

ZEEL Quarterly Chart Analysis

 

ZEEL-Quarterly-Time-Frame-Chart-Analysis

 

The quarterly chartsĀ  gives us a fair idea that this stock is in correction mode.Current price levels can be described as retail price levels.

You need to buy stocks at wholesale price levels and sell at retail price levels to other retail traders.This is what big institutional traders do.For better understanding of wholesale levels and retail levels look at simple diagram below.

 

stock-market-wholesale-and-retail-price-level-explanation
 

Fibonacci retracement levels of ZEEL as per quarterly time frame

We use fib retracement levels to check strong support areas or levels till which a stock can correct itself.

 

ZEEL-Quarterly-Time-Frame-Chart-Fibonacci-Retracement-Analysis

 

Fibonacci retracement levels of 61.8%,50% is yet to reach and 38.2% is being tested right now.

Any break below 399.35( fib retracement 38.2% levels) can further move the prices towards 331.60 and 263.65 levels.

Big red candle signifies a strong selling in ZEEL right now.
 

Monthly Chart Analysis

Again in monthly time frame it’s in correction mode,but taking support from previous resistance became support zone.
 

Monthly Trend Analysis using trend lines

In monthly time frame ZEEL is in clear downtrend based on trend line analysis.But we also have multiple support levels in monthly time frame.

 

ZEEL-Monthly-Time-Frame-Chart-Analysis

 

On 31-Aug-2018 ZEEL confirmed its downtrend based on trend line analysis.

 

ZEEL-Monthly-Time-Frame-Chart-Trendline-Analysis

 

Multiple support levels on monthly charts

Sticking to one zone in ZEEL is very tricky.It has four support zones in monthly charts.We don’t know which one it respects and moves up.We have to wait for a strong buying indication in this stock.
 

First monthly support level

Current price levels is inside the first monthly support levels i.e.-467.90-427.65.If ZEEL shows any signs of going up from this level we can buy it.Till we see a strong buying in this stock,its better to avoid this stock to include in portfolio.

 

ZEEL-Monthly-Time-Frame-Chart-First-support-level

 

Second monthly support level

Slightly below fist support levels we have second monthly support levels also.
 
ZEEL-Monthly-Time-Frame-Chart-Second-support-level
 

Third monthly support level

This is third support level for ZEEL.This stock has multiple support levels and you should focus on all support levels combined as a buying zone.If we start seeing bullish candles,you can keep strict stop loss and buy it.
 

ZEEL-Monthly-Time-Frame-Chart-Third-support-level
 

Fourth monthly support level

This is fourth support level for ZEEL and is very crucial.Prices can pull back till this level before going up further.If you hold this stock in your portfolio,you can exit now and buy it back after a strong correction.
 

ZEEL-Monthly-Time-Frame-Chart-Fourth-support-level

 

Weekly Time Frame chart analysis

It is trying to bounce back from the first monthly support levels.But till now overall scenario in this stock looks downside.

 

ZEEL-Weekly-Time-Frame-Chart-First-support-level

 

Now take a look below how it is forming lower highs and lower lows.This confirms us downtrend in weekly time frame.

 

ZEEL-Weekly-Time-Frame-swing-trend
 

ZEEL Buy Or Sell ??

We are seeing a correction phase in this stock as per our technical analysis.Still there is no strong signal to buy.So any individual looking to buy ZEEL should wait for now.

Conclusion:

Sticking to one zone in ZEEL is very tricky.It has four support zones in monthly charts.We don’t know which one it respects and moves up.We have to wait for a strong buying indication in ZEEL.

0 Shares

Leave a Comment

0 Shares
Share
Tweet