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Bullish engulfing candlestick pattern in Zinc 5.5.2014

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Posted by : Nifm
5 May, 2014, 12:58 PM
Bullish engulfing candlestick pattern in Zinc 5.5.2014
Zinc May contract closed at 123.50 up by 1.25 paisa. Nice recovery has taken place in this commodity from key support of 122 and metal closed with a bullish engulfing candlestick pattern. Today price objective for bulls would be 123.55 any sustained move above that level would bring 124.50-125.30 and more upside. Support is now seen near 121.70 any failure below that level would bring 121-120 on cards. Zinc trading range for the day is expected among the key support at 121 and resistance at 124. Recommendation: Today buying zinc above 123.60 with stoop loss below 122.60 for targeting 124.30-125 and more upside. Selling below 121.70 with stop loss above 122.40 for targeting 121.10-120.50 and more down side. 

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