Zomato Limited (ZOMATO) Stock - Complete Technical Analysis - Nov 07, 2024

Zomato Limited (ZOMATO) Stock Analysis - Price Trends, Support & Resistance Levels

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. Zomato Limited (ZOMATO) Stock Analysis: Zomato Limited's current trading price is 255.22, which is down 14.43% from its 52-week high of 298.25, indicating a recent pullback. However, it remains 126.86% above its 52-week low, showing a solid recovery from the lows. Over the past few trading days, the stock has shown fluctuating price movements, with a minor downtrend as seen in the last few sessions, indicating a possible consolidation phase.

Key indicators show a mix of signals:

MACD remains negative, indicating weak bearish pressure.

RSI is neutral at 47.37, suggesting there's no immediate overbought or oversold condition.

ADX stands at 25.08, indicating a moderate trend strength, but no clear directional bias.

Stochastic RSI at 72.83 signals that the stock is nearing the overbought region, which could lead to a reversal or price pullback.

The stock is currently facing resistance at the 260-265 range, with support around 240. If Zomato breaks below 240, it could head lower towards 220. On the upside, a breakout above 260 may set the stage for a rebound to the 270-280 zone.

For traders, pay attention to price action around these levels. Short-term traders could look for a bounce at support or a breakout at resistance for potential trades. Longer-term traders might monitor the broader trend and any fundamental changes in the company to make more informed investment decisions.

Conclusion: Zomato is in a phase of price consolidation, with bearish indicators in the short-term but no clear trend in the longer-term. Traders should focus on key levels for potential opportunities.