Mcx zinc December expiry future, this week closed at 103.2 with gain. This was the second positive week for zinc prices. This week zinc hit low around 101 while high was above 105. Total 4 rupees or 3% move and positive closing.
Zinc prices on weekly chart forming at symmetrical triangle price pattern which might give breakout in an upwards direction.
Mcx zinc weekly price trend is bearish, but momentum is bullish on account of value buying and short covering. On the upside, 113.5 is 20 weeks average level and 112.5 is 50 weeks average level. These are medium to long-term target levels for zinc. On downside 101 and 98 levels are support zones for next week and fresh buying entry points with stop loss.
Zinc will give major price move above 105.5 only so trader must watch for that breakout. Same resistance zone is suggested by the monthly chart.