HINDZINC - has shown a great move after it's fourth breakout.
It has also broken the 50 SMA resistance at the third try with great volume, so it should now act as support. The stock might also have found itself a new trendline. The stock is now headed to fill the gap 321-325 levels.
Don't sell before it.
As per chart it is clear that breakout above 330 does not sustain and the price is back in channel ......i will go short tomorrow around 328 for the immediate target of 318 with stop loss 332.
Watch out for NSE:HINDZINC if tomorrow it breaks 328, it is a good short candidate as a beautiful bearish pinbar formed today which is signaling a reversal...
So watch out... but don't jump in the trade as 330 is a support level
Stock is in strong downtrend since last 2 months.
now it seems botommed out, last 15 days its forming higher highs and higher lows.
One can go long at CMP 251 with Stop loss of latest swing low 239 which is also 20 Day SMA.
Once it gains momentum, it will fill the gap till 320.
266,278,290 can be considered as intermediate resistence and partial profit booking points.
You can take it as either Intra or positional based on your risk appetite, but I will be aiming for a downside move in Hindzinc bcos of trendline retest and bearish nature. If you;re doing intra book partial profits in 245 zone,( positional too ) then trial the stops making it as breakeven trade :)
If trendline gets violated wait n watch, if the resistance also...