ZIM Stock Price Forecast: How Low Can ZIM Stock Go in 2023?
ZIM stock turned extremely bearish after Q2 2023 earnings release currently trading below the 50 and 200 moving averages. ZIM stock published an intense Q2 loss in 2023. The company gave a revenue of $1.31 Billion which was less compared to the previous quarter. ZIM reported a negative net income of -215.10 Million with a negative profit margin of -16.42%. Nevertheless, the overall Q2 of the stock was poor as compared to Q1 2023 earnings.
ZIM Integrated Shipping Services Ltd. indulges in shipping and logical services. The company provides shipping and transportation services for hazardous cargo, refrigerated cargo, and out-of-gauge cargo. As per the trading view, the company earnings are declining from the last few previous quarters.
The company’s Debt is increased in recent years. When we look at 2022 stats company has a debt of 4.35 Billion with a free cash flow of 5.54 Billion additionally it has cash & equivalents of 1.02 Billion. The above stats hint at the bad finances of ZIM.
Nevertheless, if the stock wants to recover from its current lows, then it will have to attract more additional buyers. Current year, ZIM’s performance was poor. Year to date, the company has given an adverse return of -27.35% to its investors. As Per the TradingView, out of 26 indicators,14 are on the sell side, 8 are neutral side, and 4 indicate a buy signal. Major indicators on the sell side.
ZIM Stock Price Technical Analysis
Source: ZIM: NYSE TradingView
ZIM stock price is heading downward by making a lower low structure. The stock price is currently trading below major EMAs like 50, 100, and 200 EMAs indicating bearish momentum in the stock.
MACD currently enters the bearish territory. However, the MACD line (-0.3859) is below the signal line (-0.1073) heading downward, and red bars in the histogram indicate bearishness.
RSI line (34.96) is below the 14 Day SMA (46.29) in the oversold area. Both are below the median line showcasing bearishness in the stock.
On the weekly charts, ZIM stock heading downward. However, buyers are defending the stock at the current support level of $12.25.
RSI showcases sellers’ presence in the ZIM. The RSI line is trading near 36, which shows that the stock is in an oversold zone on a weekly timeframe. MACD also shows a bearish scenario in the stock price. The MACD indicator in ZIM stock is bearish and maintains red bars on the histogram.
Conclusion
ZIM stock price is in downward momentum failing below 50, 100, and 200 EMA. Most reliable indicators like MACD and RSI are showcasing a negative trend in ZIM price. Technical analysis of the stock also indicates bearish sentiments in the stock.
Technical Levels
- Support levels: $13.14 and $11.15.
- Resistance levels: $16.26 and $17.39.
Disclaimer
This article is only for information and does not give any financial advice or suggestions about buying, selling, or holding any financial instrument. Please note that financial markets are risky and unpredictable, and past performance does not guarantee future results.
