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Zinc Technical Outlook for Intraday traders

Zinc January contract closed at 127.50 down by 1.10 rupees. Zinc bulls are also facing hard time to hold above 20 days SMA and commodity closed with bearish note near the same. Today price objective for bulls would be 129.30 any sustained move above that level would bring more charm in this commodity and then rally towards 130 and more upside can’t be ruled out. Support is now seen near 127 and any failure below this level would bring 125.50 and more down side.

 

Trading range for the day is expected among the key support at 124 and resistance at 130.

 

Recommendation:

 

  • In alternative scenario buying can be taken above 129.30 for targeting 130-131 with stop loss below 128.

 

  • Today selling zinc below 127.10 with stop loss above 128.80 for targeting 126-125 and more down side. 

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