MCX Zinc weekly report 5-9 May 2014
MCX Zinc daily chart technical analysis
MCX zinc future on last trading session closed at 123.5 with gain. On daily chart, zinc is closed just above its 3-month average with breakout. Zinc is now bullish trend with strong demand momentum. On downside, 123 and 120 are strong support zones for now and traders above 123-rupee level keep long view for this commodity in next week. On upside 125 and 128 are strong resistances as well as targets for next week. Daily chart indicators pattern suggesting Bull Run ahead.
Traders with strict stop los of 121.5 keep long view for zinc and expect targets of 125 and then 128.
MCX Zinc weekly chart technical analysis
MCX zinc future this week tumbled by half a percent. This week zinc hit high at 125.55 while low was at 121.7. Total 4-rupee range or 3% plus weekly swing in prices and closed in red on profit booking. Weekly chart zinc price trend and momentum both are strong bullish. On downside, 122 and 119 are strong support zones. 122 is 6-month average and 119 is 12-month average while on upside 125 and 128 are strong resistances. Weekly chart pattern are weak suggesting downside for prices in next week.
Investors can buy zinc if it correct up to 119 for fresh long-term entry.