MCX Zinc daily chart technical analysis
MCX Zinc future on last trading session closed at 122.8 with loss. On daily chart mcx, zinc future is trading below all short-term average and heading lower. Short-term trend and momentum both are absolute bearish and expect lower levels in next week. For next week mcx zinc support zones are 120 and 116 while on upside 124 and 126.5 are strong resistance zones. Below 124 traders must keep short view and follow sell on rise trading strategy.
MCX Zinc weekly chart technical analysis
MCX Zinc future this week closed with heavy loss of 3%. This was 2nd week of losses for this commodity and in these 2 weeks we seen 8rupee drop in prices. On weekly chart, mcx zinc trend is up but momentum is on bears hand and suggest deep correction phase. On downside 120.5 is mcx zinc 6 month average level and first support on weekly chart. Below that 117 is next support and 12 month average of zinc future. On upside 127 and 130 are strong supply points on weekly chart. Indicators are with bearish corrective pattern and suggesting more downside for this commodity in upcoming weeks.