MCX Zinc weekly forecast 10-14 Feb. 2014

mcx zinc daily chart

MCX Zinc daily chart analysis

Mcx zinc future on last session closed at 126.05 with gain. Zinc future closed above its 3-month average, which is bullish sign, and momentum is also building so expect higher levels in next week. From short-term view, on chart mcx zinc future support zones are 124 and 120. While on upside multiple resistances but 128-130 and 134 are significant ones.

Short-term traders, above 125.5 keep long view for week and expect 128-130 as target zones. Any daily closing below 125 will start fresh downtrend and lower levels of 122-1200 will serve as targets in that scenario.


mcx zinc weekly chart

MCX Zinc weekly chart analysis

Mcx zinc future this week closed with gains. On chart, zinc future has given reversal just above its 6-month average so very significant from technical view. From medium to long-term view, mcx zinc future, resistance zones are 128 and 132 while on downside major support zones are 123 and 117. All these levels are important on weekly closing basis only. Major indicators are near support and forming reversal patterns so expect much higher levels in upcoming weeks.

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Pramod Baviskar

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