Zinc (MCX) Short Term ReversalThe stock has reached the lower trend line and might take support and undergo a reversal rally. Trade is supported by Lower Trendline, Lower Bollinger Band and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near all time/swing high.
Mcxzinc
ZINC (26th FEB 21) MAY MAVE DOWNSIDE TILL 219MCX:ZINC1!
MCX ZINC (26th FEB21) may move downside till the level 219 because in an hourly chart RSI(14) is showing divergence, which is a negative sentiment for the script. it's immediate resistance will be high's of the 16TH feb, which is 229.10 and below 227.30it may go sharply downside.
MCX Zinc Ready For Another Rally AttemptZinc is going upward since April. Recently, it has broken the strong support trendline and made an excess. At present, it's running at a strong support line. So what are you expecting next?
Technically, the crossover of 20 & 50 MA indicating a downtrend ahead, and multiple volume spikes are a direct sign for an uptrend.
Simple Trading Strategy for the Intraday Traders:
The day traders can keep buying above 0.886 value of retracement for the target of 194.6 - 196 and above.
Breakout of 199.4 means boom..!!! It can fly from there for 203 - 206 levels.
According to the Fibonacci retracement & moving average, zinc will collapse soon to the value of 0.786 . So, short-term investors can go for 185 levels.