Timeframe: Daily
HINDZINC on the NSE has been forming a corrective pattern for over 21 weeks. A 10-day value area is also evident. Due to the sideways movement, the moving average band is proving ineffective. The ADX has dropped to 11.87, while the ATR has decreased to 16.
As per Elliott Wave theory, the price has completed an A-B-C correction on the daily chart, with wave 5 of wave (C) reaching 475.4. The upper band of the value area has been touched three times, indicating strong resistance at 533. If the price breaks above wave 4, traders can target 599 – 639 – 700+. This setup remains valid as long as the low of 475.4 holds.
We will update further information soon.
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can I buy it at cmp?
what’s the bottom level or strongest support as per the current move of the market?
Your tips are just amazing.. slowly learning to interpret correctly…