Zee Entertainment Enterprises Limited (ZEEL) Stock - Complete Technical Analysis - Sep 19, 2024

ZEEL Stock Analysis Key Support & Resistance Levels September 2024 Review

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Zee Entertainment Enterprises Limited (ZEEL) is currently trading at 126.13, which is significantly below its 52-week high of 299.7 and just slightly above its 52-week low of 125.5. The technical indicators suggest a bearish outlook for the stock.

The ADX indicates a weak trend, suggesting a potential consolidation phase. The RSI is in the oversold territory, implying that the stock might be due for a rebound, but this is contradicted by the Stochastic %K and Stochastic RSI, which are at extremely low levels, indicating strong bearish momentum. The MACD and Momentum indicators also reflect negative sentiment, reinforcing the current downtrend.

Support levels for ZEEL are near the 125 to 130 range, while resistance is observed around the 130 to 135 levels. The Ichimoku Base Line and moving averages indicate that the stock is trading below its longer-term averages, further suggesting that resistance could be significant in the higher range. The recent candlestick pattern shows a Bearish Engulfing, confirming a continuation of the bearish trend.

Given the high ATR value, the stock is experiencing significant volatility, so traders should be cautious and monitor these levels closely for potential breakouts or further declines.