MTECHTIPS MCX ZINC INTRADAY trading tips 05-06-2017

MTECHTIPS MCX ZINC INTRADAY trading tips 05-06-2017
MTECHTIPS Mcx zinc future in month of May closed at 167.55 with flat loss. This was forth losing month for zinc prices and in these 4 months prices tumbled from top of 199 to low of 159. This month zinc future recorded low at 159 while high was around 173. Total 14 rupee or 8% range and flat closing suggesting consolidation ahead. For month of June 2017, mcx zinc future outlook remain bearish below 166.6 level only. Daily chart price pattern and indicators are mixed but suggesting downside for this commodity in June series. Below 166.6 my mcx zinc positional sell targets are 160 and then 153. As currently still trading above 166.6 support so trend is bullish and on upside 173 and 179 are resistance zones for June series as well as target zones of uptrend continues.
Base metal Commodity traders below 166.6 keep short with stop loss above major top of 172 rupees and keep targets at 160 and then 153 for month of June 2017. From long term view, zinc future hit high at 199 and test support of 159 rupee. Below 159 on weekly closing basis enter into long term downtrend and will head for bearish long term target of 112.
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