So, we want this coating to go off above 250 on sustained basis & may it shine again.
Since, early 2017 it has been falling from 333 Highs. A could complete in 230-240 - "Most important- which trader forgets is we wait for market confirmation before even trying our hands".
We want prices to halt between 230-240 -Hold & show us the way upside - preferably moving above 250 to give us confidence that it can shine again at 333+
Looking for a move above 250+ for us to initiate the long positions or risk taker can check the zone 230-240 for possible reversal- if happens else throw this analysis & move forward.
Kissed the bottom of the zone 230-240 - Now we want to see reversal to get some hope for upside else falling below 230 -we will have wait & watch.
Started giving signs of hope. Holding 427 on downside - we should look for higher targets in Zinc.
Give me the Zinc Power!
Sorry for typo above - it is 227 instead of 427
Analysis is based on cash market price.
If Zinc comes in 229-231 zone - if takes support -Then with stops below 226.50 we will initiate long call.
Boom -it came close to desired zone of 229-231 at 232.50 -early morning opening session.- Awesome
Closing this call as well. Kindly monitor yourself.
Hind Zinc went so close to 333 - Made Recent Highs of 315 from 230-240 - Move of 75 points . Wow!
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
If you notice, Nifty made a low of 7893 which was near 0.5 Fib levels of 6825 (low) - 8968 (High) from there it reversed and made all time high.
We have very nice trade setup with SL below 220 -225 levels.