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MCX zinc has formed a triangular pattern

MCX zinc has formed a multi-month triangular pattern. The base metal recently found support near the lower end of the pattern. The key weekly moving averages (MAs) provided additional support to the commodity. Consequently, zinc has started moving higher. On the way up it has crossed the key daily MAs. The daily momentum indicator has triggered a bullish cross-over. All these observations suggest that zinc is expected to move higher. The equality target on the upside will be Rs131. On the other hand, the key daily MAs will act as crucial support, ie Rs122.80.

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