Stocks of ZEE Entertainment Ltd today saw over 1.9% increase in value today. The stock has for majority of last decade been on uptrend movement with second half of every calendar year seeing the stock on bull run. However with stock seeing one its major course correction during late 2016 and early 2017 seeing a decrease of over 38.59% , the stock a slow uptrend movement recovering its loss across the rest of 2018. With the stock reclaiming majority of its loss and moving uptrend the market sentiment is turning mixed over holding in longer position or making short duration trades to see profit on immediate growth speed.
The stock is expected to hit its all time high of 600 in the next two trading session and move on even higher reaching a level of 650 to 700 per share during the Q3 update period.RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has for majority of last last five session maintained signal line around 50 to 60 and is expected to remain supportive of uptrend movement when trading session opens next week. Precision trend histogram indicator which is used to identify direction of trend also shows uptrend indication for last two trading sessions.
ZIG ZAG indicator which is used to identity trend reversal in long term and Parabolic SAR indicator which is used to identify good entry and exit points of trend in both intra-day and long term trades have formed uptrend signal with PSAR indicator just forming the uptrend indication in intraday charts indicating further development in near future trading sessions. Expected support and resistance values for the stock are at 579 and 610 respectively.
Image : 4 hrs intra-day data from Mcharts MT4 Platform