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Technical Analysis
Zinc Technical View according to chart
Posted by
03-Mar-14 04:49PM
Zinc March contract inched 1.35 rupees up to settle at 128.70 this week. As we cansee in chart provided above zinc has formed a valid breakout above 5 years old resistance of 123.20 and has been holding above the same. Current move is showing a nice uptrend which is supported by rising trend line that is providing ascending support near the areas of 123. 10 weeks SMA is above 20 weeks SMA hinting a strong uptrend in short term time frame. 20 weeks SMA is also above 50 weeks SMA hinting bullishness on intermediate time frame also. MACD is hovering above zero line and closer to signal line producing neutral signals. Stochastic is stable in bullish territory and supports bullishness in this commodity. Immediate support is now placed near weekly low at 126 any move below this level would bring some weakness and then we may see a decline towards 123 zones. Areas of 123-122 are expected to remain key support on closing basis and any failure below those levels may call for a decline towards 119 and more down side. Resistance is now seen near weekly high at 129.75 and then at 130.40 any sustained move above that level would bring some charm back and then we will see rally towards 133-135 and more upside.
Trading range for the week is expected among the key support at 109 and resistance at 137.
Recommendation:
· This week selling zinc below 126 with stop loss above 128 for targeting 124.50-122.50 might be appropriate.
· Buying zinc on declines around 124.50-124 with stop loss below 121.50 for targeting 127-129 and more upside might be appropriate.
· In alternative scenario buying above 130.40 with stop loss below 129 for targeting 132-134 and more upside might be appropriate.
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