Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Zoetis Inc. (NYSE: ZTS) ZTS share price has surpassed the 200-day EMA but showed signs of reversal in yesterday’s trading session. Moreover, the price action showed the double bottom pattern, and bulls again attempted a pullback to retest the 20-day EMA. However, the charts showing volatility for the past sessions noted the roller coaster moves. Furthermore, the bulls and bears showed equal interest and did not let back to bring dominance. ZTS share price is trading in the congestion zone and tried multiple times to surpass the immediate hurdle of $200 but failed to do so and stayed in the narrow range.
ZTS stock price made a hammer candlestick during the fall, and follow-on buying was witnessed in yesterday’s trading session, indicating buyer interest and willingness to reach $200. Furthermore, the options chain suggests that, at the strike price of $180, a massive open interest of 2071 hundred shares on the put side shows that long positions were trapped, and a short covering move was witnessed in yesterday’s session. Besides that, ZTS stock has an immediate hurdle of $185, which must be surpassed for fresh buying in the following sessions.
At the press time, ZTS stock price is trading at $175.58 with an intraday gain of 2.08%, showing neutrality on the charts. Moreover, the trading volume increased by 0.55% to 1.907 Million, and the market cap is $80.822 Billion. Furthermore, Analysts have maintained a buy rating with a yearly target price of $223.25, which suggests a growth outlook for the following sessions.
Zoetis, Inc. engages in discovering, developing, manufacturing, and commercializing medicines, vaccines, diagnostic products and services, biodevices, genetic tests, and precision animal health technology. The firm operates through the United States and International geographical segments. The United States segment is involved in the U.S. market and regulatory activities.
Will ZTS Stock Regain Momentum Above $180?
On the daily charts, ZTS stock price stayed in a range and failed to reach $200, showing strong resistance, and sellers have maintained a grip there. Moreover, the ZTS share price has supported the 50% Fib zone and showed a bounce in yesterday’s trading session. Furthermore, the price is close to the Bollinger band and showed rejection during the fall.
The RSI curve stayed in the overbought zone and showed a positive crossover, forming a bullish divergence indicating buying interest in the last trading session. The MACD indicator showed a convergence of the MA line with the signal line showing bulls’ accumulation in yesterday’s trading sessions.
Summary
Zoetis Inc. (NYSE: ZTS) stock price trading closed the 200-day EMA and showed buyer interest in the last trading sessions. Moreover, the ZTS share price has bounced from the support zone of $170, indicating that bulls have regained momentum and try to reach $200 again in the following sessions.
Technical Levels
Support Levels: $170 and $165
Resistance Levels: $180 and $190
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/09/zoetis-inc-nyse-zts-price-escape-200-day-ema-time-to-buy-zts/