Zinc May contract closed at 122.25 down by 1.65 paisa. Like other base metal pack zinc charts are also showing a bearish cross on MACD just nearer the zero line and MACD is falling below zero line that is a sign of strong bearishness in this counter. Today price objective for bulls would be 123.10 any recovery above that level would bring 124-125 and more upside. Support is now seen near 121.85 any sustained move below that level would bring more weakness and then we may see a decline towards 120 and more down side.
Zinc trading range for the day is expected among the key support at 121 and resistance at 123.
Â· Today again selling zinc on jumps around 122.40-122.60 with stop loss above 123.10 for targeting 121.30 and more down side.
Â· In alternative scenario selling below 121.80 with stop loss above 122.30 for targeting 121.20-120.50 and more down side.
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