MCX - Zinc offers 2 opportunity to ride the bullish trend. From the seasonality historical data, it has been always witnessed that by the end of November price starts accumulating demand the demands of the market.
As represented in the above chart, wait for the price to come near our area of interest and wait for other bullish conformations.
The energy crisis continues to provide a strong support, not only for crude prices, but also for industrial metals. Last week aluminium added 9.2% and copper prices gained 9.17%. The absolute leader was zinc that jumped 20.49% in price.
The price of aluminium, which is one of the most energy-intensive commodities, is at a record high. On Monday morning its price...
The stock has reached the lower trend line and might take support and undergo a reversal rally. Trade is supported by Lower Trendline, Lower Bollinger Band and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near all time/swing high.
MCX:ZINC1!
MCX ZINC (26th FEB21) may move downside till the level 219 because in an hourly chart RSI(14) is showing divergence, which is a negative sentiment for the script. it's immediate resistance will be high's of the 16TH feb, which is 229.10 and below 227.30it may go sharply downside.
Zinc is going upward since April. Recently, it has broken the strong support trendline and made an excess. At present, it's running at a strong support line. So what are you expecting next?
Technically, the crossover of 20 & 50 MA indicating a downtrend ahead, and multiple volume spikes are a direct sign for an uptrend.
Simple Trading Strategy for the...
Target 204/202
Main Stop Loss at 209. This call is for only risky traders.
*Disclaimer : I just shared my view. Please trade with your comfortable and own ideas.
