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Technical Analysis
Dark Cloud Cover on ZINC chart check the detail
Posted by
25-Apr-14 01:50PM
Zinc April contract closed at 125.40 down by 1.15 paisa. Zinc settled with a dark cloud cover bearish reversal candlestick pattern along with overbought reading on stochastic that may prevent further bulls to jump in. Today price objective for bulls would be 127.60 any sustained move above that level would bring more charm and then we may see 128.40-129 and more upside. Support is now seen near 125.30 and then at 124.60 any failure of 124.60 would bring more weakness and then we may see 123 and more down side.
Click on link for Image: http://prntscr.com/3d88sx
Zinc trading range for the day is expected among the key support at 124 and resistance at 127.
Recommendation:
· Today again buying zinc on dips around 125.40-125.10 with stop loss below 124.50 for targeting 127-128 and more upside might be appropriate for intraday and short term.
· Selling below 124.50 with stop loss above 125.50 for targeting 123.50-121.40 and more down side might be appropriate.
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