mcx zinc daily chart technical analysis
mcx zinc future on last trading session closed at 141 with loss. on daily chart, zinc price trend is still up but momentum is getting weaker on continues profit booking. zinc future is trading below its 1 month average but still above its 3 month average level holding short term uptrend. on upside 143 is strong resistance of 1 month average and 139.5 is 3 month average support on downside.
daily chart, macd is above zero with recovery pattern. rsi is below 50 with fresh sell signal and cci is off the lows.
for next week, traders below 143.5 keep sell on rise view for zinc future with price target 135. below 135 expect sharp sell off in this commodity for downside price target of 121.
mcx zinc weekly chart technical analysis
mcx zinc future this week closed with gains. this was first week gains for zinc future after last weeks correction. this week zinc future hit high around 143 while low was around 137. total 6 rupee or 6% weekly range and closed with gains. this week zinc future had taken support of major average and given positive closing.
weekly chart price trend for zinc is bullish but momentum is still weaker suggesting downside in upcoming weeks. weekly chart macd is above zero but with bearish divergence. rsi is at 52 and cci is at 26.
from medium to long term view, 138 is crucial support level. weekly closing below it means long term downside with price target 130 to 120. till then keep buy on dips view for price target 145.5 in upcoming weeks.