Buy Mcx Zinc Future Above 296.55 for the target of 310 - GEPLCapital
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News / Other data
* Thousands of protesters in Peru, many from the country's heavily indigenous south, descended on Lima, the capital, on Thursday, angered by a mounting death toll since unrest erupted last month and calling for sweeping change. Police estimated the march at around 3,500 people, but others speculated it attracted more than double that.
* The Public Utility Commission of Texas (PUCT) on Thursday adopted a new market design for the state's electric grid that will see power plants getting paid to be on standby, aimed at securing new generation capacity and increasing grid reliability.
* Russia's war in Ukraine is hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent's economy, U.S. Treasury Secretary Janet Yellen said in Senegal's capital Dakar on Friday.
* Gold prices maintained their luster for a fifth week in a row as bullish investors pushed toward a test of the $1,950 an ounce level on Friday — a breach analysts said would be crucial to sustaining the precious metal’s rally, which has been predicated on forecasts for smaller U.S. rate hikes.
* Oil settled up about $1 a barrel on Friday and notched a second straight weekly gain as China's economic prospects brightened, boosting expectations for fuel demand in the world's second-biggest economy.
* Glowing forecasts of an economically-resurgent China helped oil bulls coast to a second winning week on Friday, with analysts saying the endurance of the rally will be decided by manufacturing and growth numbers due from the No. 2 economy later this month and next.
Chart for the Week
MCX ZINC FUTURES : 295.70
Observation
* After a clear downtrend from August 2022, The MCX ZINC FUTURES now has started to rise with the formation of Higher High, Higher Low indicating beginning of the uptrend.
* During the previous trading week, prices broke out of Rounding Bottom pattern, suggesting that the continuation of upward trend .
* The prices on the daily Timeframe are hovering near the Upper Bollinger Band illustrating the rising volatility for an up move.
* Furthermore, the Momentum Indicator RSI on the Daily Time frame has never created a fresh low since October 2022, which reflects rising momentum in the trend.
Inference
* These factors indicate that the trend for MCX ZINC Futures is expected to move Higher in the short term.
* Buy MCX ZINC FUTURE above 296.55 for the target of 310 where the stoploss must be 288 on the closing basis.
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