Mcx zinc future weekly technical analysis report for 15 to 19 may 2017
Mcx zinc future this week closed at 163.8 with loss. This was second weekly loss for this volatile base metal. On last 2 weeks we saw drop of almost 8 rupee in price of zinc future. On daily chartfuture is in downtrend and after consolidation given strong downside move and now heading towards my given bearish swing targets of 160 and 150 rupees. On upside mcx zinc future has strong resistance zone around 166 to 169 rupee and this will be fresh short entry zone with stop loss for positional targets of 160 and 150 rupees. From long term view, mcx zinc future is correcting towards major support of 157 rupees. Weekly closing below 157 means fresh long term downtrend for zinc prices in 2017 with price target of 111 rupees.