MCX Zinc daily chart technical analysis
MCX Zinc on last trading session closed at 121.5 with loss. On daily chart, zinc future price trend and momentum both are down. Prices are trading below major averages with bearish divergences but in oversold zones.
For next week, mcx zinc support zones are 120 and 117 and if trend continues then they will be targets for week. On upside 125 is zinc month average and 127 is 3 month average. Both will remains as strong resistances. As indicators are in oversold zone expect technical bounce back, which can be used for short accumulation.
MCX Zinc weekly chart technical analysis
MCX Zinc this week tumbled by almost 4%. This week zinc future high was 126.05 while low was at 120.5. Total 5.5 rupees range or 5% volatility and closed with deep losses. In last 2 weeks zinc future tumbled from 134 to 120. Total 14 rupee or 12% loss for this commodity and prices are heading towards major averages to test them.
On downside, 118 is zinc future 12 month average and 113 is 2 years average zone. Both will be major medium to long-term support zones and in upcoming weeks, zinc may test them if correction continues.
On upside 123 is 6-month average and first resistance and then 127 will be next resistance levels. Weekly chart indicators are bearish but near supports.