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Zinc Technical Outlook for short term 23.07.2014

Zinc July contract closed at 142.50 up by 1.25 rupees. Zinc has recently broken out above the key resistance of 138 and breakout above this level has opened a fresh trading range till 170 for this counter. In other words breakout above 138 hints a rally towards 150-170 zones in this commodity in coming days. Today price objective for bulls would be 142.70 above that it will try heading towards 143.50-144.50 zones. Support is now seen near 141.30 any failure of this support would bring 140 and more down side. Key support would remain at 136.80.

Zinc trading range for the day is expected among the key support at 141.2 and resistance at 142.7.

Recommendation:

·         Today again buying above 142.70 with stop loss below 141.90 for targeting 143.50-144.30 and more upside might be appropriate.

 

·         Selling can be taken below 141.30 with stop loss above 142 for targeting 140.30 and more down side might be appropriate.

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