https://www.tradingview.com/chart/ZOMATO/iWauUtjr-Zomato-the-Tomato-now-looks-like-Half-cut-Onion/
Not Surprisingly, after a brief Upmove right after IPO, the Price started falling so sharply and badly that it became one of the most Trending Memes on Social Media that Zomato price is Less than a Tomato
With the recent Strategic changes brought in by the management and coverage of most of its Debt, Zomato has not shown strong signs of a Bullish Reversal and also hints of becoming a Multi-bagger stock
On the Technical Front – Zomato formed Multiple Concentric Rounding Bottom Patterns right from 120 level to 160 (CMP 161). Each Rounding Bottom Pattern slightly bigger than its predecessor resulting in incremental increase in Targets.
With so many concentric circles (Rounding Bottoms) – Zomato Chart now Looks like a Peeled Onion 🙂 🙂 🙂
Technicals:
At CMP (161) – Zomato is has completed one of the Earlier targets set and also on the Verge of its Last and Largest Rounding Bottom Pattern.
A Strong BO above 161 WCB will take the stock to 185, 245, 280 (Almost 2x from here)
Note: Our Recommendation and Entry was approx. 103 levels and we are already at 55% Profits and target of 280 is approx 2.7x from Recommendation 🙂
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