zinc intraday

MCX Zinc trades weak following LME movement
12 June 2008 10:51:50

MCX Zinc traded weak following Lme movement, market closed near 81.50 with loss after registering days high near 83.05, market registered days low near 80.60.

LME inventory increased by 1825 MT to 144750MT and supported the bearish move for the day.

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 80.4 level. If broken can see further fall to 79.3 and 77.9, If market holds above 81.7 further rally can be seen towards 82.8

Recommendations- MCX Zinc June: Sell at 84 Target 82 and 80 SL 84.95


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