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Zinc Technical view as per chart to aware for day trader

MCX Zinc March contract closed at 162.50, which is changed on the downside by 3.56%. Yesterday zinc resumed its bearish trend after a very small consolidation and headed a low of 161.90. For the day trader support will be at 161.90, but if sustained below this level more weakness possible in this metals and then zinc may hit 159-156 area. In the upper side, Resistance is now seen around 164.50-165.50 areas, retest to these levels can not be ruled out but if stable above 165.50 then we will see some upside movement for 168 area. Strong resistance will be at 170 areas.

The trading range for the day is expected among the key support at 161.9 and resistance at 165.50.

Recommendation:

  • Today selling on jumps around Resistance levels.
  • In alternative scenario selling below Supportive level.

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Disclaimer: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the Commodities mentioned. Readers using the information contained herein are solely responsible for their actions. The information and views contained herein are believed to be reliable but no responsibility or liability is accepted for errors of act or opinion. Blogger may or may not have trading or investment positions in the commodity mentioned herein.

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