Mcx zinc weekly-hit 160 tgt and reversal rally almost hit 171 target

Mcx zinc future weekly technical analysis report for 22 to 26 may 2017

Mcx zinc future weekly technical analysis report for 22 to 26 may 2017

Mcx zinc future this week closed at 169.7 with huge gains. After last 2 weeks losses zinc future seen strong value buying as well as short covering towards bottom. This week, zinc future hit my given swing target of 160 rupee with low around 159. And then short covering rally is heading for 171 hit high at 170.35. For next week, mcx zinc future outlook remain bullish and 166.9 and 162.7 are support zones as well as buying levels. On upside 171 and 175.25 are resistances as well as target zones.   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.

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Pramod Baviskar

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