Zeo has been in a consolidation phase for some time now. Tax loss selling has been evident across the board this June, as everyone has a lot of profits from the financial year. The stock gave a small false break low at 6.8 last Thursday and then gave a buy signal on the daily chart on Friday. A weekly chart buy signal will be generated with a close above 7.3 this Friday.
The 200dma is slowly climbing...adding to support.
Sellers appear to be dwindling, with the June turnover the lowest monthly volume in over 1 year. Stock appears to be settling in strong hands.
ZEO Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
