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- 1 ZIM stock price crashed more than 40% in the past week.
- 2 Zim (NYSE: ZIM) share price made a breakdown to hit a record low of $11.
- 3 Analysts offering a 1-year price forecast have a maximum potential of 30.73% to the upside.
Zim Integrated Shipping Services (ZIM) stock price crashed more than 50% in the last 6 weeks. The stock price registered a new record low of $11 on Friday, breaking below the previous all-time low of $11.78.
The daily ZIM price chart showed some signs of recovery this week as the price gained nearly 7% on Monday and Tuesday. However, the price still trades in the bearish territory. The price is observed to be following a declining channel pattern over the daily chart and declining.
The technical indicators imply that the price has witnessed a breakdown of the 200-day EMA in June 2022. Since then, the price declined continuously. The key exponential EMAs of 50 and 200 acted as a dynamic resistance for the price which dragged the price from $54 to a recent low of $11
Analysts offering a 1-year price forecast for Zim Integrated Shipping Services have a maximum estimate of $15.40 with an upside potential of more than 30% and a minimum estimate of $10.61.
ZIM stock option-chain analysis states that the current implied volatility in the market is 31.07% with a decrement of 4.63% in the last trading session. The at-the-money strike has an OI of 285 on the PUT side and 1800 on the CALL side indicating the sellers dominating at the CMP.
ZIM Stock Price Crashed to Hit an All-Time Record Low
The ZIM stock price currently trades at $11.78 and has made a breakdown to hit an all-time low on Friday. The price showed some signs of recovery in the current week and has gained nearly 8% in the first 2 sessions.
ZIM share price trades in a channel pattern and might try to maintain the channel until it gets enough buying volume to break above.
The price may decline more until it is maintained in the channel. Also, the option data shows the dominance of the sellers at the upper levels which shows weakness as per the data.
Technical Indicators Show Weakness Over the Chart
The daily ZIM stock price chart shows that the price is trading below the key moving average of 50 and 200-day EMA. The EMA has turned out to be a resistance to the price.
The overall technical opinion rating including RSI and MACD signals an 88% “sell” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Zim Integrated Shipping Services is a shipping and logistics company whose stock price has fallen by more than 50% in the last six weeks. The price hit a record low of $11 on Friday and is trading in a downward channel pattern. The technical indicators and the option data suggest that the price is weak and may decline further. The analysts have a maximum estimate of $15.40 and a minimum estimate of $10.61 for the next year. The price needs more buying volume to break above the channel.
Technical Levels
- Support levels: $10.86 and $10.01
- Resistance levels: $12.19 and $12.77
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
