Mcx zinc future in month of September, closed at 207.5 with gain. This was second gaining month for mcx zinc future and in these 2 months we saw rally from low of 175 to highs of 209.8 rupee. In September, mcx zinc future hit high at 209.8 while recorded low of 190.7. Total almost 19 rupee month range and strong positive closing for mcx zinc future on continues strong follow up buying.
For month of October, mcx zinc future major support is at 202.5 rupee and above it zinc will remain strong and trading strategy will remain buy on dips with stop loss for big upside targets. On upside 214 and 221 are major resistance zones as well as bullish targets for metals commodity traders in this series.
On daily chart, mcx zinc is in strong uptrend and above 202.5 will remain buy. On upside 214 and 221 are major resistance zones as well as target level if uptrend continues. Daily chart RSI is at 67 with bullish divergence and approaching overbought zone and MACD is at 1.94 with strong bullish crossovers. If prices breaks 202.5 support then expect trend reversal for October series and zinc become sell for bearish targets 195 and then 183 rupee levels.