Because Zee Entertainment is a Leadership stock and right now trading at 200 day moving average - area from where stock generally bounces off.
Here's the Daily chart of Zee Entertainment
Will Zee Entertainment stock bounce off from 200 dma this week? We will see. If Zee Entertainment fails to hold 200 dma, then the weekly chart will come into significance.
Here's the weekly chart
As you can see in the weekly chart - Zee Entertainment broke out above 140 and rallied to 300. It now seems to be consolidating above 50 week ma. Any breakdown below 260/50 week ma means stock can crack all the way down to 100 week ma which as of today stands at 234.
What eventually will happen - we will wait and see. One thing is certain - bulls will try to defend 200 dma with 260 as stop loss.
The blogpost is purely for educational purpose. Please do your own due diligence before investment or trading.