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Technical Analysis
Zinc Weekly Technical Outlook 14-07-14
Posted by
14-Jul-14 04:46PM
Zinc July contract inched 4.45 rupees up to settle at 137.95 this week. Zinc has recently closed well above the resistance line of symmetric triangle and horizontal resistance of 137 indicates more bullishness. MACD has been holding well above line zero and has given a bullish cross above signal line and supports bullish momentum. Stochastic has also reached in overbought territory and positively biased. 10 weeks SMA has been staying above 20 weeks SMA and 20 weeks SMA is also staying above 50 weeks SMA keeps a longer term uptrend intact. Price objective for bears is now placed at 132 and then at 130 any sustained move below 130 may trigger failure of in current trend and then price may enter in short term consolidation phase that may take it to 126 zones. Stability above 130 remains bullish and further upside above 138 would bring 142-47 in coming days.
Zinc trading range for the week is expected among the key support at 132 and resistance at 138.8.
Recommendation
· This week again buying zinc on declines around 134-133 with stop loss below 130 for targeting 138-140-144 and more upside might be appropriate.
· In alternative scenario buying above 138.10 with stop loss below 136 for targeting 140-142 and more upside might be appropriate.
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