Shubhlaxmi Commodity
Investing Wisely

Zinc Watch closely

MCX zinc found support near the previous low of Rs.124.50. From thereon it has moved up sharply. It has now reached the upper end of the short-term rising channel and the medium-term falling trendline. The 61.8% retracement mark of the entire previous fall is also nearby. Thus, Rs.138.00-138.50 will act as a key resistance zone on closing basis. Unless that is surpassed on closing basis bulls can take a breather. Rs.136.00-134.80 will act as key supports. On the other hand, if bulls manage to overcome the hurdles then the base metal can march till Rs.139.70-142.00.