MCX Zinc May Breach 107.20 Levels

Published 03/25/2013, 06:27 AM
Updated 05/14/2017, 06:45 AM

MCX Zinc closed higher by about 1% last week as the price rebounded from a four month low, finding support near Rs.102.50 level. The price has been in a downtrend over the past six weeks, forming lower tops and bottoms facing resistance from trendline R. Last week the price closed above the resistance line, indicating that the short-term bearish trend might have reversed. The price is now likely to head towards the next major resistance on the daily chart at Rs.107.20 level.

The 14-period RSI is currently heading higher towards the resistance line near the 50 mark, which might support the pullback rally in price.

It would be advisable to buy MCX Zinc on dips for the target of Rs.107.20 in the short term.
MCX Zinc

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