Buy Zinc For Target Rs.262 by Choice Broking Ltd
Buy ZINC- Jul @255.7, add up to 254, for the Targets of 262 - 265 with SL @ 251
The daily chart of Zinc Futures shows a notable technical development, with price action successfully breaking out of a falling channel pattern. This downward sloping channel had been in place for months, restraining bullish momentum. The breakout above the channel's upper trendline, combined with an increase in volume and closing strength near the day's high, suggests a possible trend reversal or at least a strong corrective phase to the upside.
The 4-hourly chart shows an inverse head and shoulder breakout, a typical bottom reversal pattern, which adds to the positive sentiment. The neckline has been decisively crossed, indicating increased buying interest and the prospect of a short- to medium-term rebound. The convergence of this breakout with the daily falling channel breakout confirms the strength of the underlying trend.
The current price is around 255.70, with immediate resistance at 262 where the 200-day moving average is placed. If bulls can hold above these levels, they may be able to generate additional upside momentum. On the daily chart, the RSI is at 55, indicating bullish strength without being overbought, which contributes to the positive bias.
Looking ahead, we foresee a positive trend in ZINC in the following sessions, with traders looking for long opportunities for the target 262 - 268 levels.
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