zinc intraday

Zinc futures in Shanghai fell the most in two weeks after China, the world's largest producer and consumer of the metal, removed export rebates from today. Zinc yesterday we have seen that market has moved 1.36%. Market has opened at 81 & made a low of 80.7 versus the day high of 84.9. The total volume for the day was at 15564 lots and the open interest was at 7233.Now support for the zinc is seen at 80 and below could see a test of 78.25. Resistance is now likely to be seen at 84.2, a move above could see prices testing 86.65.

Trading Idea

TRADING RANGE IS 78.00-85.00.
BUY ZINC AUG @ 79-79.50 SL 78.40 TGT 80.50-81.20-81.90-82.80. MCX
OVERALL MARKET IS SIDEWAY AND RANGE BOUND

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