MCX Zinc has short term target around Rs 104-106: Sharekhan

Sharekhan has come out with its report on Zinc. According to the research firm, on the upside, Rs 104-106 are the key short-term targets for MCX Zinc.

Bulls keep an eye on zinc

As can be seen from the chart, MCX Zinc formed a large wedge pattern, which got over at the high of Rs 119.10. From there, the commodity has fallen down sharply. Recently, it is forming an ending diagonal whose last leg seems to be in formation. To complete that, the base metal can come down till Rs 98, ie till the lower end of the pattern. At that level, one can take a contra trade with a stop loss below 96.30. The daily momentum indicator is showing a positive divergence and is in a bullish mode. On the upside, Rs 104-106 are the key short-term targets.

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