Mcx zinc future weekly technical analysis report for 12 June to 16 June 2017
Mcx zinc future this week closed at 163.1 with gains.
After last week’s strong selling we saw selling continued in this week and mcx zinc hit my given bearish swing target of 160 rupee and then headed for next bearish target of 153 rupee but given low of 156 and reversed from there.
This week mcx zinc future high was near 164 and low was near 156. Almost 8 rupee range and positive closing on late short covering rally.
Mcx zinc future below 166.5 will remain weak and sell. On downside targets are 160 and the 153. Expect downtrend to resume after this bounce back is over. Volatility will remain high on global news flow.
From long term view, mcx zinc future is correcting towards major support of 158 rupee and look like taken support just above it and moving upside towards investment target of 219 rupees.