zinc intraday

MCx Zinc trades bearish following LME
25 June 2008 09:43:30

MCX Zinc June dropped to a low of 80.55 and closed at 80.80 with loss of almost 2%. Heavy increase in inventory supported the move most. Intra day high registered near 82.70

Zinc inventories at LME, decreased by 1025 MT to 150025 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 80.0 levels. If broken can see further fall to 79.2 and 77.9, If market holds above 81.4 further rally can be seen towards 82.2 and 83.5

Recommendations- MCX Zinc June: Sell at 81.20-81.30 Target 80 and 79.60 SL 82.10

MCXARUN
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