Do not jump in a running train -how ever exciting pattern is - so we wait for bounce to sell in the zone 237.70-238 holding on topside 239.50
As this time crossing above 240 -It will move upside for new leg next.
Else some retracement & profit booking comes with is bearish harmonic pattern in the zone 233-234.
We got the bounce from 237 as expected & we will sell only below 236.90 if breaks downside
or if you have sold -should maintain stops above current high at 239.50 as suggested above -going & travelling beyond 240 -it will start new wave on upside.
Our stops of 239.50 has been taken for risk takers -so we are out & only above 240 it could start a new leg or
Going below 236.90 it goes down for 235-234 target zone.
Pattern wise -it is still active & can fail only above 240.50 which is X-high else going below 236.90 it falls to 234-235 zone.
Sustained move above 240.50 will open for upside target of 244-245 & above 245 to 249.
even though it crossed 240.50 X high & made a new session high at 241 - Zinc is struggling to go high
that means it will correct downside so we will not trade in this counter unless it is good momentum trade
We shall wait for Monday to see where it comes then we decide to take fresh position.
Long term traders who picked at 233 should manage their positions like if trading in 2 lots -1 lot you keep your position open & another lot is for intraday moves to move with fluctuation.
Fluctuation trading is very tough.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ