zinc intraday

Zinc drops following other metals
26 June 2008 10:02:05



MCX Zinc dropped to a low of 79.65 and closed at 79.85 with net loss of 1.19% from previous closing. Intra day high registered near 81.20

Zinc inventories at LME, decreased by 375 MT to 149650 MT.

MCX Zinc June - Technical Outlook:

The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.

Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 79.3 levels. If broken can see further fall to 78.7 and 77.7 , If market holds above 80.2 further rally can be seen towards 80.8 and 81.8


Recommendations- MCX Zinc June: Sell at 80.20-80.50 Target 79 and 78.4 SL 81.30


MCXARUN
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