Zinc Technical Outlook for short term trader 24.06.2014Back

Zinc June contract closed at 131.15 up by 0.60 rupees. Zinc headed an intraday high of 132 but could not hold that level and settled with a shooting star candlestick formation. Today price objective for bulls would be 132 and any sustained move above that level would bring 133-134 on cards. Support is now seen near 130.70 any failure of that level would bring 130-129 and more down side.

Zinc trading range for the day is expected among the key support at 130.7 and resistance at 132.

Recommendation:

· Today selling zinc around 131-131.30 with stop loss above 132 for targeting 130-129.40 might be appropriate.

· In alternative scenario selling below 130.70 with stop loss above 131.30 for targeting 130-129.40 and more down side might be appropriate.

· Buying can be taken above 132 with stop loss below 131.30 for targeting 133-134 and more upside might be appropriate.