****THIS TRADE IS AN IDEA GIVEN TO ME BY MY MENTOR KRISHNAKUMAR****
Gave nice breakout on daily and weekly charts today.
Although this weeks chart is not completed yet, but taking risky entry utilizing partial funds as it has given breakout on daily charts after 3 years.
Will add more if it dips to retest breakout.
Also, it is forming nice channel...
HIND ZINC (NSE CASH)
SUPPORT: 305.25 (309.01 ACCORDING TO 20 DEMA)
RESISTANCE: 321.90 / 329.30
RISK TO REWARD RATIO IS APT
RSI IN DAILY CHART IS IN A STRONG UPTREND AND IS ABOVE THE 50 MARK IN OTHER PERIODICALS
329.30 LOOKS LIKE A BREAKOUT LEVEL WHICH MEANS THAT THE CHARTS WILL MAKE NEW HIGH ONCE IT CROSSES AND TRADES ABOVE 330
Chart clearly shows that a clean Breakout is bound to happen in the coming days with Resistance got tested several times and has got weaken in the same process. Volume too supporting the trend. RSI is at 62 levels so there is a good chance that this breakout will gonna give a good profit opportunity.
Here I try to predict even if it's never suggested to!
Chart of NSE:HINDZINC and what I think it might do.
Beware of predictions, those get kicked out of market. Only thing that keeps you going is when you 'Go with the Flow'.
Let the market do what it's doing and observe rather than you telling it what to do by your predictions.
So, how do we win...
After a successful analysis of this stock (You can go through my profile), I'm again going to suggest to create long position in this stock.
Entry: 290, 280
SL: 244, 214
Target : Minimum 325 (Can hold for more)