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MCX SEP ZINC MARKET RECOMMENDATION
Mcx zinc sep expiry future closed at 102.2. on daily chart
trend is still down as closed below 3 month level of 102.6. on downside 101.8
is major short term support where monthly and weekly level are coming. mcx zinc
indicators looks bullish . for next week mcx zinc technical resistance levels
are 102.6-103.2 and 104.2 while on downside 101.8-100 and 99 are technical
supports. our view on zinc for short term is negative.
weekly analysis:-
Mcx zinc future on weekly chart closed in red after last
week short covering rally. lost almost 50% gains in this week. on weekly chart
this future trending down with intermittent consolidation. indicators on weekly
chart still looks bearish so that long term view also negative
TRADING VIEW:-
Day and short term traders should stay long with stoploss
below 101.8 for a bounce back on monday. for medium and long term traders near
103-104 is good entry point for shorts with target of 101-100 on consistent
basis.
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