Mcx zinc future this week closed at 102.55 with gain. This was the first weekly gain after 6 weeks continues selloff. This week zinc future hit low around 98.65 while weekly high was at 108. Total almost 10 rupees or 10% move from the bottom and first weekly positive closing for zinc. Weekly chart price and indicators pattern suggesting recovery ahead.
For next week, mcx zinc future support levels are 99 and 97. While on upside zinc might see strong resistance at 104 and 105.5 levels. Short term traders keep short view for downside targets. While medium to long term investors uses these fall for buying and accumulation.
Mcx zinc monthly chart, suggest zinc might test 94 level on the downside.