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Zinc Inching higher


Adjacent chart shows price movement of MCX Zinc continuous contract. It is trading in a rising channel. It has witnessed a minor correction from the Upper Bollinger Band. On the way down, it has support at 209 levels. Dips shall be seen as a buying opportunity as long as it is trading above the 20 DMA which is currently pegged at 204.65. On the way up, it is likely to inch higher towards 218.80 – 225 once the correction is over. The momentum indicator is in positive mode.
 
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