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Zinc trading around Over bought zone (03.11.2014)

Zinc November contract closed at 141.95 up by 0.65 rupees. Zinc has traded in nice uptrend but selling pressure has also appeared near 143 zones. Today resistance would be at 143.30 any move above that level would bring 144-144.50 zones. Key resistance would remain at 145 and any closing above that level would bring 146-149 and more upside. Support is now seen near 141 any failure of this level would bring 140-139.

Zinc trading range for the day is expected among the key support at 137 and resistance at 143.4.


·         Selling zinc around 142.30-142.50 with stop loss above 143.40 for targeting 141-140 might be appropriate.

·         Buying zinc on declines around 139-139.40 with stop loss below 138 for targeting 140.50-142-143 and more upside might be appropriate.

·         In alternative scenario buying above 143.40 with stop loss below 142.70 for targeting 144-145-146 and more upside.

·         Selling below 137 with stop loss above 138 for targeting 136-135 and more down side might be appropriate. 

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