MCX Zinc may fall further by Rs 3-4: Sharekhan

Zinc is at a key level: Sharekhan

As one can see from the adjacent chart, MCX zinc is trading near its crucial support level of Rs 138. On a decisive break-down of the said level one can expect a further fall of Rs 3 to Rs 4. If it takes support at the said level, on the upside one can expect a 50% retrenchment (from a high of Rs 145 to Rs 138), which comes to Rs 141.50 levels. The other technical observations are: the Relative Strength Index is valued at 33, the Momentum is valued at (1.1) and the Moving Average Convergence Divergence is valued at (1.24).

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More