MCX Zinc recommend to go short on rise with stop loss above Rs. 144.95 eyeing target at Rs. 140/138.
MCX Zinc prices are trading in a primary up trend indicated by higher tops higher bottoms. Prices on daily chart as shown above(continuous chart) are trading in a downward slopping trend channel C-C1. Recently prices have taken resistance at upper band of channel C at Rs. 143.70. Prices are now expected to trade lower and hence, we recommend to go short on rise with stop loss above Rs. 144.95 eyeing target at Rs. 140/138.
Also, the 14-period RSI is trading lower indicating bearish momentum for the prices. We advise to go short on MCX Zinc on rise for the target of Rs. 140/138.