AbhishekHSinghCMT
Short

Hindustan Zinc - Harmonic Cypher at 239 Tops

NSE:HINDZINC   HINDUSTAN ZINC
536 9 8
Just Said -Don't Go long at 238.50-239 Zone in previous update mentioned below - We have bearish harmonic at the 239 tops.

Previous Update - Zinc -You are back again at 230
Trade active: 11:50 Hrs 9th June2017

Last Price@237

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.
Trade active: 12:16 Hrs 9th June2017

Last Price@238.25

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.

Trade active: 13:08 Hrs 9th June2017

Last Price@239.60

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.
Trade active: 13:29 Hrs 9th June2017

Last Price@239.35

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.

Also,

Sustained move above 240.50 will open for upside target of 244-245 & above 245 to 249.

Trade active: 14:42 Hrs 9th June2017

Last Price@240.50

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.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thanks for update.
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@AMBRISH, Welcome
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Sir Hind Zinc is looking strong. Can go to 260 this month.
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@niksmooth, Yes, It is strong for 260 -we are trading short term for downside from the post "Zinc back again at 230.
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niksmooth AbhishekHSinghCMT
@AbhishekHSinghCMT, Sp please make a post ststing it is strong and buy reco, why short advice? I am confused.
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@niksmooth, It cannot travel everytime upside -it has to do correction for going upside which is always better or spend some time which it has done today so any move sustained above 240.55 it will start travelling upside suggested above at 13:29 Hrs 9th June 2017 interim update above.
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@niksmooth, So, if you are risky trader -you will sell keeping strict stops above 240.60 above X-high@240.50 because going above that it travels upside else it has possibility of coming down to 236-234 zone -taking rest & then moving upside.
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240 dot till now it seems will retest the breakout ?
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@gauravsuri17, Yes, 240.50 X -wave is what key level for me going above & sustains then upside starts else below 236.90 falls to 234-235 -In between it is all risky trade.
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