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Zinc Technical Outlook (Bullish Harami on Daily)

Zinc June contract closed at 124.35 up by 1.75 rupees. Like other base metals zinc also failed to continue fall started 2 days before and settled with a bullish harami candlestick pattern. Today support would be 122.30 and failure of that level would bring 121 and more down side. Resistance is now seen near 125.60 and any sustained move above that level would bring more charm and then commodity will try heading towards 127 and more upside.

Zinc trading range for the day is expected among the key support at 122 and resistance at 125.60.

Recommendation:

·         Selling zinc on jumps around 123.50-123.80 with stop loss above 125 for targeting 122.30-121.30 and more down side might be appropriate.

·         Selling below 122.30 with stop loss above 123 for targeting 121.40 and more down side.

·         In alternative scenario buying above 125.60 with stop loss below 124.80 for targeting 127 and more upside might be appropriate. 

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