Bulls are Coming Back in Zinc MCX

Nice buying interest seen in base metals since morning. Zinc May contract is now trading at 101.70 with 55 paisa gain sine previous closing. As shown in chart above metal is approaching near key resistance zones of 101.80-102. Zinc prices are now moving in a rising parallel channel which has a strong resistance at its mid line of 101.80 while areas of 102 are resisted by 61.8% Fibonacci retracement and sustained rebound above this level would lead a rally towards areas of 104-105 zones. MACD is now getting support at zero line and forming a bullish cross above its signal line which hints bullish momentum in this commodity.

Recommendation: buying zinc between 101.50-101.30 with stop loss below 100.50 for targeting 104-105 might be appropriate in short term.

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