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Zinc Technical Outlook 2.05.2014

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.

Recommendation:

·         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.

·         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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