Mcx zinc future yesterday hit high at 218.8 and my bullish swing target for October were 214 and then 221 rupee and after achieving 214 rupee target zinc prices almost gone for 221 with high of 218.8. Yesterday zinc prices opened around 209 and given one side rally and hit bullish target. Today trading at 215 with loss on retracement and profit booking.
Mcx zinc future for month of October opened strong above major trend support level of 202.5 rupee. Above this level zinc was buy and accumulate for upside targets of 214 and 221 rupees. And zinc achieved 214 and hen recorded high of 218.8.
Now, Zinc daily chart price trend and momentum both are bullish and prices trading above 5 days average of 209.5 rupee. Below that 203 rupee is 20 days average level and below that 195.5 rupee is last short term support of 50 days average level. Daily chart RSI is at 70 and entering overbought zone with momentum while MACD is at 4.2 with fresh rally continuation pattern.
Mcx zinc future almost hit my 2017 investment target of 219 rupee and this rally was started at 157 low June 2017. In 4 month zinc prices rallied from low of 157 to almost 219. Total 62 rupee rally or 39% gains in medium terms.