Zinc downtrend resumes

As one can see from the adjacent chart, MCX zinc has formed a double top pattern on the daily chart. The commodity has breached the key support level of Rs137.50. As per the pattern the downside target comes at Rs130. There is a cross-down on the key moving averages and the Parabolic SAR is valued at Rs146.50. These suggest a bearish view on the commodity. The other technical observations are: the Moving Average Convergence Divergence is valued at (1.23) and the Relative Strength Index is valued at 36. On rises till Rs137-138 one can sell for a downside target of Rs130 (positional). Trade above Rs141 on a closing basis will negate the bearish view on the counter.


Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: