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Technical Analysis
Bearish Harami Candlestisk pattern on Zinc Chart 07.08.2014
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7 August, 2014, 5:37 PM
Zinc August contract closed at 144.60 down by 0.70 rupees. Zinc was alsoinfluenced by bearish harami candlestick pattern and bearish cross on MACD indicator and settled just above the 10 days SMA. Today price objective for bulls would be 145.65 and then at 147. Any sustained move above 147 would bring more charm and then we may see a rally towards 148-149 and more upside. Support is now placed near 142.50 any sustained move below this level would bring more weakness and then we may see 140-138 and more down side.
Zinc Trading range for the day is expected among the key support at 142.5 and resistance at 145.7.
Recommendation:
· Buying above 145.70 with stop loss below 144.80 for targeting 146.50-148 and more upside might be appropriate.
· Selling below 142.50 with stop loss above 143.40 for targeting 141.50-140.50 and more down side might be appropriate.
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