MCX Zinc May Turn Positive On Breaching 110.80 Levels
CommodityOnline | Jul 01, 2013 03:31AM ET
MCX Zinc price added to the gains made in the earlier week rallying to a three-week high above Rs.111 level, closing higher by more than 1% for the period. The price currently looks bullish, holding above the 38.2% Fibonacci retracement support near Rs.105.70 level. The price has also broken out of a pennant formation, which is a continuation pattern. An upside break of nearest resistance at Rs.110.80 level (61.8% retracement level) might lead the price higher towards the next resistance at Rs.114 level (76.4% retracement level).
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.
Hence, the overall bias for the next week remains on the positive side for the target of Rs.114 level in the short term.
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