Mcx zinc monthly-remain sell below 184 tgts 163 and 140

Mcx zinc monthly report for December 2016

Mcx zinc monthly report for December 2016

Mcx zinc future on last trading session closed at 188.2 just above major support of 184 rupee. Mcx zinc price trend and momentum both are bullish but current price pattern suggesting big correction is coming for this volatile base metal commodity.   For month of December, mcx zinc below 184 will enter bearish trend and head lower for my targets 163 and 140 rupee. This will happen only on weekly breakdown below 184 rupee as prices are overbought but in strong bullish momentum. If sustain above 188 then expect another strong short covering rally up to 206 rupee in December series also.   Mcx zinc weekly chart, showing super bullish trend of commodity and achieved target of 196 rupee. On downside 176 and 139 are long term support zones and mcx zinc might test them on correction.

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Pramod Baviskar

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