Mcx zinc monthly-below 166.6 remain bearish for targets 160 and 153

Zinc future monthly outlook June 2017

Mcx zinc future in month of May closed at 167.55 with flat loss.
This was forth losing month for zinc prices and in these 4 months prices
tumbled from top of 199 to low of 159. This month zinc future recorded low at 159
while high was around 173. Total 14 rupee or 8% range and flat closing suggesting
consolidation ahead.
For month of June 2017, mcx zinc future outlook remain
bearish below 166.6 level only. Daily chart price pattern and indicators are mixed
but suggesting downside for this commodity in June series.
Below 166.6 my mcx zinc positional sell targets are 160 and
then 153. As currently still trading above 166.6 support so trend is bullish
and on upside 173 and 179 are resistance zones for June series as well as
target zones of uptrend continues.
Base metal Commodity traders below 166.6 keep short with
stop loss above major top of 172 rupees and keep targets at 160 and then 153
for month of June 2017. 

From long term view, zinc future hit high at 199 and test
support of 159 rupee. Below 159 on weekly closing basis enter into long term
downtrend and will head for bearish long term target of 112.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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