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MCX zinc has given trendline breakout on the upside on the one-hour chart

As one can see from the adjacent chart, MCX zinc has given trendline breakout on the upside on the one-hour chart. The positive crossover in key moving averages and Moving Average Convergence divergence valued 0.38 indicates bullishness on the counter. The other technical observations are Relative Strength Index valued 61, Momentum valued 1 and Parabolic Stop & Reverse valued Rs.137.60 is below the current market price, which suggests firmness on the commodity. One can buy at the current level or on dips till Rs137-Rs.136 for upside target of Rs.140-141.50. Trade below Rs.135.50 will negate a bullish view on the base metal.

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