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- 1 ZIM stock price fell 20% in the previous month and dropped below $13.00.
- 2 Zim Integrated stock is in a downtrend and has hit a 52-week low.
- 3 ZIM stock price was negatively impacted after the release of quarterly earnings.
ZIM stock price fell 20% in August month and formed a bearish pattern. The majority of the downfall in the previous month came after disappointing quarterly results.
ZIM Integrated stock is in a correction phase and declining by forming lower low swings. The short-term pullbacks getting rejected indicates the dominance of sellers.
The 50-day and 200-day EMAs are sloping down showcasing a downtrend. However, the ZIM share prices look highly oversold so a relief rally is possible to test the EMA.
At the beginning of August, ZIM share price attempted to break the $15.00 hurdle. But due to certain reasons, the attempt was not successful and prices faced rejection. Later, sellers took over the control and dragged the prices below the $13.00 support.
Meanwhile, ZIM released the quarterly earnings which failed to meet the analysts’ estimates. It triggered the negative sentiment and invited further decline.
Presently, ZIM share is consolidating in a narrow range and buyers are trying to halt the downfall near $11.00. It closed the previous session at $11.44 with an intraday rise of 0.79%. The market capitalization stands at $1.38 Billion.
Will ZIM Stock Price Take a U-turn in Sep?
ZIM stock price is inside the bear grip and no signs of recovery are visible. However, the short sellers are highly active and shorting aggressively on every rise. So, they need to be careful in the coming months.
ZIM stock price is near to the multi-year low. So a wild short squeeze might trigger any time to clear out the previous short positions.
However, till prices trade below $16.00, it is expected to remain in the bears’ grip. But if buyers break the $16.00 hurdle then sellers will panic and a sharp rise may come.
ZIM Stock Price is Bearish on Daily Time Frame
ZIM stock price is bearish on daily, weekly, and monthly time frames. Fresh buyers look reluctant to build long positions due to fear of further sell-offs.
Therefore, until some fundamental changes are visible in the company the possibility of a comeback in ZIM share remains low.
The MACD curve is sloping sideways indicating prices might spend some time in narrow range consolidation. Whereas, the RSI at 33 denotes weakness but is near the oversold territory.
Conclusion
ZIM stock price faced rejection from $15.00 and corrected 20% in the previous month. The technical analysis suggests that Zim Integrated share price is in a downtrend, and the possibility of upside reversal is low. However, the analysis also suggests that prices are oversold so short sellers must be careful before building fresh shorts.
Technical levels
- Resistance levels: $13.34 and $15.45
- Support levels: $11.00 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
