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MCX Tips, Resistance may limit MCX Zinc upside
The zinc futures contract on the Multi Commodity Exchange (MCX) has been on a strong surge over the last one month. This really has gained momentum in the past week. The contract has surged 5 percent last week to make a high of ₹229.85/kg on Monday. The contract has come-off from this high and is currently trading at ₹228.
The key resistance in the ₹229-230 region is holding well as of now for the contract. Inability to break above ₹230 decisively in the coming days can trigger a corrective fall in the short-term.
Since the contract has been rising continuously over the last several weeks, the possibility of the current rally halting at the ₹229-230 region cannot be ruled out. As such, short-term traders who are holding long positions can consider book profits at current levels.
As long as the contract remains below ₹230, a pull-back move to ₹220 or ₹218 is likely. But further fall below ₹218 looks less probable.
Wait for the corrective fall and initiate fresh long positions at ₹220. Stop-loss can be placed at ₹213 for the target of ₹235. Revise the stop-loss higher to ₹225 as soon as the contract moves up to ₹229.
The contract will gain fresh momentum on a strong break above ₹230 and such move will pave way for a fresh rally to ₹240 or even higher levels.
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