Breakout Alert: Can Zee stock be 4th time lucky? Key levels here

Zee Entertainment stock rose 9% in intra-day deals on Tuesday, and was on the verge of confirming a breakout on the daily chart yet again in 2024. The last 3 breakouts turned out be false, show charts

Zee Entertainment stock is seen attempting a breakout on the daily chart for the fourth time this calendar year 2024. In the previous three occasions, the stock faltered after a breakout and slipped back into the bear's grip.  Earlier this year, Zee had witnessed a breakout on the daily chart in July, September and October. On each of the occasions, the stock dropped back below the trend line support thus reversing the positive breakout.  Zee stock in intra-day deals on Tuesday zoomed up to 9 per cent to a high of Rs 126 backed by heavy volumes after Punit Goenka resigned as the Managing Director, and was to be appointed as the CEO of the company.  ZEE Entertainment, in an exchange filing, said Punit Goenka, Managing Director - Key Managerial Personnel of the company, decided to relinquish his position as Managing Director of the company to entirely focus on his operational responsibilities assigned to him by the board on November 15, 2024.  On the bourses, Zee stock has been one of the worst performers among the top-rung shares. The stock had shed as much as 58 per cent thus far in 2024 to hit a low of Rs 114 this week.  Here's how Zee stock is placed on the chart.  Zee Entertainment  Current Price: Rs 125  Potential Upside: 19.2%  Support: Rs 120.40; Rs 114.60  Resistance: Rs 127; Rs 134; Rs 143  Zee Entertainment was seen trading close to its super trend line resistance, which stands at Rs 125.20 on the daily chart. The stock will need to close above the same to qualify as a technical breakout.  At present, key momentum oscillators like the MACD (Moving Average Convergence Divergence), ADX (Average Directional Index) and the Slow Stochastic have given a positive crossover. Thus, raising hopes of a likely breakout in the near-term.  The daily chart shows, Zee has near support in the form of 20-DMA (Daily Moving Average) at Rs 120.40. Below, which, the recent low around Rs 114 is expected to provide cushion for the stock. CLICK HERE FOR THE CHART  On the upside, the stock needs to clear the Rs 125 - Rs 127 hurdle zone, for a likely pull-back towards Rs 149 levels. In the interim, resistance for the stock can be expected around the 100-DMA at Rs 134 and the 200-DMA at Rs 143.