Zinc: Go long on dips by admin- Thursday, February 23rd, 2023 07:20:05 AM
There is a resistance at ₹280-₹282. The settlement has to rise past ₹282 decisively to boost the bullish momentum. Failure to rise past ₹282 and a pull-back can drag the Zinc futures contract right down to ₹265 and ₹260 again. However, a sustained fall beneath ₹260 is less probable.
From a larger photo, so long as the Zinc agreement trades above ₹260, the overall outlook is tremendous. As such we will expect the contract to breach ₹282 sooner or later and rise to ₹three hundred within the coming weeks.
However, whether or not this rise can manifest right now or after one greater leg of fall to ₹260 is not very clear. So we will must wait and watch the charge movement inside the coming days to get readability.
Traders can look ahead to a dip and pass long at ₹270. Accumulate longs at ₹264. Keep the prevent-loss at ₹257. Trail the stop-loss as much as ₹274 as soon because the Zinc futures contract actions as much as ₹284. Move the forestall-loss similarly up to ₹282 as quickly as the agreement touches ₹288 at the upside. Exit the lengthy positions at ₹295.