Zinc weekly tips 12 to 16 May 2014
Zinc daily chart technical analysis
Zinc future on last trading session closed at 122.2 with loss. On daily chart zinc, future price trend and momentum both are down. Zinc is trading below its 1 and 3 month averages with bearish indicators patterns. On upside 123.5 and 127 are strong resistances. 123.5 is 1 and 3 month averages level. On downside, 120 and 117 are strong support zones as well as targets if trend continues.
Traders below 123.5 keep short view for zinc future and expect downside targets in next week.
Zinc weekly chart technical analysis
Zinc future this week closed with loss. This was second losing week for zinc future and in these 2 weeks lost almost 5-rupee gains. This week zinc future hit high at 124.6 while low was at 121.35. Total 4-rupee range or 3% swing and closed with loss. On weekly chart zinc, price trend and momentum both are bullish. Zinc is still trading above its 12 and 24-month averages but with bearish indicator pattern. 119 is 12 month average and first support on chart below it 115 is 2 years average level and last support zone. On upside 123 is 6 month average and first resistance and then 127.5 is previous top resistance.
Investors above 119 keep buy on decline strategy and strict stop loss in place for upside targets of 127 and 130 rupees.