ZIM stock price is facing strong bearish pressure on the daily technical charts, as it is below the 100 and 200-day EMAs. The stock has failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is currently trading near $9.76, with a marginal gain of 6.9% in the intraday session. The stock has a potential upside target of $15, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $9.00, which could prevent further downside.
ZIM price prediction suggests that the stock is in the firm grip of the bears and needs to show signs of a reversal before confirming a bullish trend.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for ZIM Integrated stock price.
Technical Analysis of ZIM Stock Price in 1-D Time Frame
ZIM stock (NYSE: ZIM Integrated) is trading under the 50 and 200-day daily moving averages (DMAs), which are not upholding the price trend.
The current value of RSI is 39.99 points. The 14 SMA is above the median line at 31.94 points, indicating that the ZIM stock price is bearish.
The MACD line at -0.6269 and the signal line at -0.6416 are below the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the ZIM Integrated stock price.
Weekly-Time Horizon Analysis
The weekly charts of ZIM stock price reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment in the stock, as the RSI is near the oversold zone at 32 and the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.
Summary
ZIM stock technical oscillators support the bearish trend. The MACD, RSI, and EMAs are suggest that the downtrend is likely to continue in the ZIM Integrated stock price. ZIM price action suggests that the investors and traders are bearish on the 1-day time frame.
Technical Levels
Support Levels: $9.00 and $8.00
Resistance Levels: $10.00 and $15.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/15/zim-stock-price-forecast-will-zim-stock-break-above-10/