MTECHTIPS MCX ZINC INTRADAY trading analysis 30-06-2016
DAILY:- Mcx zinc future 140 level again and now expect 142-143 on upside. In other metals, LME zinc is trending towards 11-1/2 month highs above its $2,105 top from June 9 as shrinking mine supply flags a shortfall in future metal.
WEEKLY :- Mcx zinc future this week closed with gain at 139.4. This was third gaining week from zinc prices and in these 3 weeks period prices rallied from low of 122 to high up to 140. Almost 18 rupee or 15% plus gains in very short term suggesting underlying buying as well as trapped short covering. Mcx zinc weekly chart price trend and momentum both are super bullish and expect outperformance here. Zinc future already achieved my given targets of 132 and 135.5 now heading for super bullish targets of 140.2 and 143.5 which can be expected in upcoming weeks. On downside 136.5 and 135 are strong support and commodity traders must trail stop loss below 135 for targets 140.2 and 143.5.