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Double top formation in Zinc Short term Oultook 09.09.2014

Zinc September contract closed at 144.30 down by 0.05 rupees. Zinc is forming an ideal double top with 1 month gap between 2 peaks, has potential to bring trend reversal in this metal. Today resistance would be 145.20 and then at 146 any sustained move above 146 would bring more charm and then we will see a rally towards 147-149 and more upside. Support is now seen near 143.60 any sustained move below that level would bring 142.30-142 and more down side.

Zinc trading range for the day is expected among the key support at 142.90 and resistance at 145.70.

Recommendation: 

·        Selling can be taken below 142.90 for targeting 142-141 with stop loss above 143.90 might be appropriate.

·        In alternative scenario buying above 145.70 with stop loss below 145 for targeting 147-149 and more upside might be appropriate. 

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