MCX Zinc: Overall Trend Remain Negative
CommodityOnline | Jul 22, 2013 07:14AM ET
MCX Zinc price last week fell by more than 3weeks forming bearish engulfing candlestick pattern after forming a hanging man pattern a week earlier. This confirmed that the recent up move has halted and price is likely to trade lower. Price now has immediate support near 107 level below which level of Rs.100 cannot be ruled out.
Also, 14-period RSI on weekly chart has taken trend-line resistance near the 70 mark and is now pointing lower which is bearish for the price.
Hence, the overall bias for the next week remains on the negative side for the target of Rs.106.9 level in the short term
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