MCX: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.
Zinc 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...
As per the above chart, the parallel channel’s uptrend line can use as a stop loss. Hurdle: 162.6 Based on the current trend: Uptrend targets: 165 – 170+ Based on Fib. Retracement: Downtrend targets: 158.2 – 152.2 – 149.2