Buy ZINC Feb @ 270.50, add up to 269.50, for the Target of 278.50, with SL @ 265.50 by Choice Broking
Buy ZINC Feb @ 270.50, add up to 269.50, for the Target of 278.50, with SL @ 265.50
Zinc has paused its downward momentum of past few weeks, consolidating over bottom levels and shown a signs of bullish reversal like its peer metals. MCX Zinc february contract has managed to settle on a positive note at 270.10 in previous session and on the other side, LME Zinc future is trading over $1983/tonne. Zinc price has breakthrough the hurdle of Bearish trendline and managed to sustain over 200-EMA on Daily chart placed at 268.05. Daily Stop & Reverse (SAR) level is currently placed at 261.15. Also, there is a reversal on Ol levels from dips, currently at 2350 lots, Immediate resistance would be at 100-EMA on Daily chart placed at 273.50, breaching of this level will accelerate upward momentum in Zinc price in upcoming sessions.
The momentum Indicator, RSI has rebounded from bottom and trailing around 50 level on all key timeframes. Also, we can observe bullish crossover on MACD lines alongside positive histograms on Daily chart. These collectively suggests Bullish biasness in Zinc price. Dollar Index (DXY) has started correction from peak of 109.50, declined marginally in past couple of weeks. Key support would be at 100-DMA level placed at 106.27. Current Weakness in DXY is beneficial for the Greenback-based commodities. We are expecting Bullish trend in Zinc price in upcoming sessions and traders may look for Long position for the 278.50 level with given Stop-loss.
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