On any rise till Rs 144, one can sell for a downside target of Rs 141-139 level. Trade above Rs 146.50 will negate the bearish view, says Sharekhan.
As one can see from the adjacent chart, MCX zinc has breached the trend line on the one-hour chart. A negative cross-down on the key moving averages and the Parabolic SAR is at Rs145.85, which is above the current market price suggests bearishness on the commodity. The other technical observations are the Moving Average Convergence and Divergence is valued at (0.37), the Momentum is valued at (1.2), the Positive Directional Momentum Indicator is valued at 16 and the Negative Directional Momentum Indicator is valued at (35). On any rise till Rs 144, one can sell for a downside target of Rs 141-139 level. Trade above Rs 146.50 will negate the bearish view.
(Prices in Rs.)
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