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Technical Analysis
Zinc Technical View on Daily Chart.
Posted by
11-Dec-13 12:30PM
Zinc December contract closed at 119.15 up by 1.95 paisa. Zinc is the most attractive metal among base metal pack and witnessed a nice rally for 2ndconsecutive day. Stochastic recovering from oversold territory and MACD is also crossing above signal line providing a short term bullish environment. Today price objective for bulls would 119.35 any sustained move above that would result in a rally towards 121 and more upside. Support is now seen near 118 and then at 117.50 any sustained move below 117.50 would bring a retest to 116.50 and 114.50 zones. Key support would be 114.50 and failure of that level would result in a decline towards 113 and more down side.
Trading range for the day is expected among the key support at 115 and resistance at 122.
Recommendation:
· Today buying zinc on decline around 118.50-118 with stop loss below 117 for targeting 121 and more upside might be appropriate.
· In alternative scenario buying can be taken above 119.50 with stop loss below 118.40 for targeting 120.50-122 and more upside.
· Selling can be taken below 115.30 with stop loss above 117.20 for targeting 114.30-113.50 and more down side.
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