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
Buy HINDZINC above 325 (closing basis) T1: 365 T2: 390 T3: 425 SL: 302
HINDZINC price action shows positive RSI divergence one can buy at the support 239/243 for the target 260/285 stop loss below 230.
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...
for educational purpose only - hindzinc may be on last leg of correction. a bounce may be seen and it may go to 296 -300. buy between 274-279 with sl of 270
There is a possibility to trade Broadening top pattern. RSI is forming divergence also confirming weakness in the stock. Shorting now with Stop Loss just above the high made recently.