MCX ZINC hit given targets 185-190.4-195.6 and almost hit 201
MCX ZINC august expiry future is trading at 200.5 with gain. Today we saw ZINC intraday high around 200.9 and almost achieved my last super bullish trend target of 201 rupees. We already saw MCX ZINC future achieved bullish target of 185 and then 190.4 rupee and above it entered super bullish trend and hit 195.6 target and today done 201 rupee target for this series. If sustain above 201 then expect upside sharp short covering rally up to 219+ rupee.
MCX ZINC future on daily chart, is in super bullish trend and momentum. Price are trading way above major short term average. On daily chart, ZINC future support zones are 195.6, 190.4 and then 185. Daily chart RSI is at 78+ with bullish divergence but highly overbought so expect correction in medium to long terms and downside support testing. Daily chart MACD is above zero and with bullish crossovers and divergences. ZINC prices rallied with great momentum but when correction will came with same speed and momentum so long traders must stay cautious now and keep strict trailing stop loss in place to protect their profit in long positions.
MCX ZINC future on weekly chart looking strong bullish and hit fresh weekly high of 200.9. In these 2 weeks’ time frame ZINC prices rallied from low of 175.65 to high above 200 means almost 26 rupee or almost 15% gains or 1,20,000 rupee per lots profit for long traders. ZINC future weekly chart price trend and momentum both are bullish. On weekly chart, MCX ZINC 5 week’s average is at 186.8 and that will be first target of deep correction. Below it 178 and 170 are next support zones as well as target levels on correction. On upside 205-211 and 219 are long term resistances as well as target zones if rally continues.
From long term view, ZINC prices given sharp and steady correction up to 157 rupee which was major support zone for year 2017 and after that strong reversal rally hit fresh high at 200.9 while previous high was 198.5 on weekly chart and trading above it for my next long term target of 219 rupees.