MCX Zinc daily chart technical analysis
Mcx zinc future on last trading session closed at 118.5 with loss. On daily chart, zinc future price trend and momentum both are bearish and heading towards previous lows.
For next week, zinc future support zones are 116 and 114 while on upside expect strong resistances at 122 and 124. 122 is month average level and 124 is 3-month average level. Daily chart RSI is at 36 with bearish divergence. CCI is -201 and heading lower in oversold state.
For next week, expect consolidation and then up move so use fall to accumulate long but strict stop loss below 114 and expect technical short covering rally up to 122 to 124.
MCX Zinc weekly chart technical analysis
Mcx zinc future this week tumbled by almost 3%. This was third losing week for zinc future and lost 16 rupee plus in these 3 weeks. This week zinc future hit high at 121.5 while low was at 118.35. Total 3 rupee or 3% weekly swing and closed with loss.
On weekly chart, zinc future closed at its 12-month average level. From medium to long-term view, zinc future support zones are 118 and 113. 118 is 12-month average and 113 is 24 months average level. On upside 123 and 127 are strong resistances out of which 123 is 6month average.
Weekly chart, RSI is 50 and at support and CCI is at 75 with bearish divergence.
Investor’s watch 118 for next week closing below it means 113 and below 113, we may see long-term bearish trend for zinc future.