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Technical Analysis
Bullish engulfing candlestick pattern in Zinc 5.5.2014
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5 May, 2014, 12:58 PM
Zinc May contract closed at 123.50 up by 1.25 paisa. Nice recovery has taken place in this commodity from key support of 122 and metal closed with a bullish engulfing candlestick pattern. Today price objective for bulls would be 123.55 any sustained move above that level would bring 124.50-125.30 and more upside.
Support is now seen near 121.70 any failure below that level would bring 121-120 on cards.
Zinc trading range for the day is expected among the key support at 121 and resistance at 124.
Recommendation:
Today buying zinc above 123.60 with stoop loss below 122.60 for targeting 124.30-125 and more upside.
Selling below 121.70 with stop loss above 122.40 for targeting 121.10-120.50 and more down side.
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