Zinc (commodity) on MCX
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While Crude Oil , Gold and Silver are strengthening world wide, the industrial metals are not as enthusiastic. I thought of technically analyzing Zinc (commodity) traded on the MCX.
The chart above suggests that Price below Rs 90/- triggers buying in the commodity and it has rebounded from these levels thrice in the past six months..
Currently it is placed at Rs 96/- and the MACD is also showing strength. A break now above Rs 100/- should give a minimum target of Rs 110-112- which turns out to be a 10% plus move !!
Time to refer the Chart of HINDUSTAN ZINC, I presume!!!
Happy observing!
CA Rajiv D Khatlawala
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