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Zinc MCX -Consolidating in downward Wedge Formation

21 Dec 2017

In line with our previous report , selling pressure has been revived around 206 levels in Zinc MCX.As seen on the chart a downward sloping wedge has been formed and any close above 207 and break of 208 will confirm the downward correction is over and bring a medium term uptrend. As seen on the daily Candle chart an inverted hammer has been formed , thereby confirming that breaking of Medium term resistance of 208 will be difficult and in next few days the zinc prices can break below 203.50 levels and test 200-202 levels.

Trade Recommedation: Sell Zinc here with a stop loss at 208 and take profit at 202

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