Zota Health Care LImited (ZOTA) Stock - Complete Technical Analysis - Oct 03, 2024

Zota Health Care Technical Analysis: Key Support & Resistance Levels Explored

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.

Zota Health Care Limited (ZOTA) is currently trading at 616.05, showing a significant drop of 15.03% from its 52-week high of 725.05, reached on August 26, 2024. Conversely, it remains 65.60% above its 52-week low of 372.00 from October 10, 2023.

In recent trading sessions, the stock exhibited volatility, with the last five days revealing a pattern of price fluctuations. On October 3, 2024, ZOTA opened at 625.20 and saw a low of 613.15 and a high of 637.75, closing at 616.05. The previous day, October 1, the stock had a high of 643.00 but closed lower at 637.95, indicating a potential reversal. These fluctuations suggest a sideways price trend in the short term, particularly with today's close below the opening price.

From a technical perspective, the MACD indicates bearish momentum as it remains negative, while the RSI is currently around 40.68, suggesting that the stock is nearing oversold territory. The Stochastic oscillator and Williams %R also signal weakness in the stock's momentum, with the Stochastic %K at 15.46.

Support levels can be observed around 583.13, which coincides with the Classic Pivot S1, indicating potential buying interest if the price retraces. The resistance level is around 643.57, as per the Classic Pivot P, suggesting that the stock may face selling pressure if it attempts to move higher.

In summary, Zota Health Care Limited shows signs of short-term weakness with possible support at 583.13 and resistance at 643.57. Traders should watch for confirmation of a trend reversal, especially if the stock approaches the support level, as it may present a buying opportunity if it holds firm.