Shipping Stocks - ZIM Stock Price Plunges into Pacific Ocean (52-Week Low)

Zim’s stock price hit an 18-month low of $16.23.
Investors have been seeing bearish weekends for the past five weeks in a row.

ZIM, Zim Integrated Shipping Services Limited, is doing poorly so far. The technical chart suggests a sharp bearish trend in the market. ZIM was established on June 07, 1945 as a publicly held Israeli International Cargo Shipping Organization. ZIM was listed on the New York Stock Exchange in 2021, reflecting weakness in the stock price.

After being listed on the NYSE exchange, ZIM share price outperformed from $11.5 to $91.23, showing a return of over 700% in just 15 months. Later, profit-booking led to an expected sharp sell-off in the stock price, and the bears followed the sell-off strategy amid the decline.

Investors lost several important support levels such as $50, $30, $22.6, all of which turned into upcoming bullish hurdles. Nevertheless, the selling is not over yet despite five consecutive bearish candles. The market capitalization stands at $2.04 billion, down almost 70% in the last one year.

In the letter of Tuesday, January 03, buyers again saw strong selling pressure as it closed at $16.96 with a loss of 1.34%. As of now, the $16.2 level is seen as the last hope for the buyers. And a drop below this level could again hit an all-time low on the NYSE exchange.

The trading volume looks at a high of 4.7 million, so the bears maintain their dominance. However, the asset is stuck in a narrow range with $20 being the immediate resistance area.

On the daily price chart, NYSE:ZIM stock price is trading below all important moving averages. Meanwhile, the 20 DMA acts as a short-term bullish barrier and the 200 DMA (red) looks like a trend reversal zone.

The RSI indicator forms a high-low above the oversold zone.

Conclusion

After falling nearly 70% so far this year, NYSE:ZIM’s share price hit a two-year low. Selling on the rise strategy is likely to lead to more selling, which could push the asset price down to the conceptual round level of $10.

Support level – $16 and $10

Resistance level – $22 and $30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing