MCX Zinc weekly analysis 17-21 February 2014

MCX Zinc daily chart analysis

MCX zinc future last closing price was 126.5 with gain. On daily chart mcx zinc future price trend and momentum both are bullish. For next week mcx zinc outlooks remain bullish and above 124 strategy remains buy on dips.

Mcx zinc future support zones are 124 and then 121 while on upside expect strong resistances at 127 and then 130.5. Both levels also are upcoming targets for next week for zinc future. Indicators on daily chart are also suggesting the same.

Short-term traders stay long with closing basis stop loss below 124 for target 127 and then 130.5.

MCX Zinc weekly chart analysis

MCX zinc future this week closed with gain. This was second week of gains for this commodity. This week mcx zinc low was at 124 while high was near 127. Total 3 rupee or almost 3% weekly swing and continues uptrend. Zinc future still trading above all major average and near top with strong bullish momentum.

From medium to long-term view, zinc future support zones are 121 and then 117 while on upside 129 and then 134 are strong resistance levels.

Swing traders and investors keep long view and hope for 129 and then 134 on upside in next few weeks.

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Updated: 16/02/2014 — 11:27 PM

The Author

Pramod Baviskar

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