Zinc down on Euro fall against dollar
Monday, 18 January 2010
AHMEDABAD, Jan 17 (Commodity Online): Zinc has moved down 1.20 per cent with the break out of 112 levels.
Zinc Jan has opened at 113.7 & made a low of 111.7 and day's high of 113.7. Total volume for the day is 13115 lots and open interest is around 4817.
Support for Zinc can be seen at 111 and 110. Resistance level could be at 114 and 115.
RSI for Zinc is around 55. Williams's per centR is around -80 which gives an over sold position for Zinc.
"Technically, one can short Zinc at 113with a stop loss of 114 for target of 111," said Hardik Shah, Research Analyst with Commodity Online.
"Fundamentally, Zinc is very strong. One can make long position at 111 levels for long term," said Shah.
Zinc Jan has opened at 113.7 & made a low of 111.7 and day's high of 113.7. Total volume for the day is 13115 lots and open interest is around 4817.
Support for Zinc can be seen at 111 and 110. Resistance level could be at 114 and 115.
RSI for Zinc is around 55. Williams's per centR is around -80 which gives an over sold position for Zinc.
"Technically, one can short Zinc at 113with a stop loss of 114 for target of 111," said Hardik Shah, Research Analyst with Commodity Online.
"Fundamentally, Zinc is very strong. One can make long position at 111 levels for long term," said Shah.