MCX Zinc May Remain Positive On Strong Fundamentals
CommodityOnline | Jul 15, 2013 03:16AM ET
MCX Zinc price has not added to the gains made in the earlier week rallying to a four-week high above Rs.113.50 level, closing flat for the period. The price currently looks bullish, holding above its support line S1 of Rs. 106.90 level. Also, the recent rally is on a good volumes confirming that the momentum is strong and is supported by buyers.
Also, 14-period RSI on weekly chart has taken trend-line support near the 50 mark and is now pointing higher which is supportive for the price. RSI is likely to test its resistance line in this week.
Hence, the overall bias for the next week remains on the positive side for the target of Rs.116 level in the short term.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.