MCX Zinc November: Sell around 211.20 levels for the day |


In line  with expectation  Gold prices  rebounded during  yesterday’s  session  and  ended  almost  near  the  day’s  high.  On  the  higher  side  the  next  immediate resistance  is  at  29700  and  we  expect  prices  to  retest  these  levels  in  coming  sessions.  Thus,  we  recommend  buying on dips around 29435 for targets of 29700.


As  expected,  guar  gum  prices  continued  its  gaining streak  and  ended  above  the  immediate  resistance  of 8388  mark.   Now,  the  61.8%  retracement  mark  is  at 8465, surpass above that  will  extend its  gains till 8700 then  8850  levels.  Therefore,  we  continue  to recommend buying, above 8465 for the targets of 8500 then 8850 levels.


On  Wednesday,  Zinc  prices  once  again  inched  higher  till  the trend  line resistance of 212  and  finally ended at  211 marking  forming  doji  candle  stick  pattern.  As  prices closing  near  the  key  resistance  and  forming  doji  candle stick pattern is indicating stiff resistance at higher levels. So,  if  the  prices  fail  to  surpass  the  resistance  then  a sharp  correction  can  be  in  the  coming  sessions. Therefore,  we  recommend  selling  around  211.20  levels for the day.

   Click here to read the full report