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Zinc Short term technical outlook 08.10.2014

Zinc October contract closed at 142.90 up by 0.75 rupees. Stochastic is approaching overbought territory and MACD is trying to climb above zero line that hints bullishness in this counter. Today support would be 141.60 any sustained move below that level would bring some weakness and then we will see 140.50 on cards. Key support would remain at 139. Resistance is now seen near 143.70 any sustained move above that level would bring more charm and then 145 is likely. Key resistance would remain at 147.

Zinc trading range for the day is expected among the key support at 139 and resistance at 143.

Recommendation:

·         Today again buying zinc on declines around 141.30-141 with stop loss below 139.80 for targeting 144-147 and more upside.

·         In alternative scenario buying above 143.1 with stop loss below 142 for targeting 145 and more upside might be appropriate.

·         Selling can be taken below 139 with stop loss above 140 for targeting 138-137 and more down side might be appropriate. 

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