MCX Zinc May Trade On Positive Path
CommodityOnline | Jun 03, 2013 05:11AM ET
As shown in the weekly chart below, the MCX Zinc Price has taken support at its long term upward sloping trend line placed at 100 levels. Last week, after taking support at these levels, prices bounced back and rallied to 108.90 levels closing the week higher at 107.60. This firm closing indicates further bullishness. Prices have now taken multiple supports at this trendline indicating strong support zone for the price.
The 14-period RSI on the weekly chart has breached 50 marks, and showing firmness.
Overall bias for next week remains on the positive side for the target of 119 in the short term.
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