MCX Zinc weekly technicals for 9 to 13 OCT. 2017

Mcx zinc future this week closed at 213.9 with gain. This was forth weekly gain for zinc prices and in these 4 weeks zinc prices rallied from low of 194 to 218.8 rupees. This week zinc future hit high near 218.8 while low was at near 208.9. Total 10 rupee range and closed with strong gains.

On weekly chart, zinc future is in strong bullish trend and momentum. Mcx zinc weekly chart, prices are trading way above of 5 weeks average 205 rupee below that 190.5 is 20 weeks average and next support and 178 rupee is 50 weeks average and last long term support zone. RSI is 69 with fresh reversal signal. while MACD is with strong bullish pattern and suggesting fresh medium term bull run for zinc prices and it had given buy signal around 174 rupee levels.

Mcx zinc future for month of October opened strong above major trend support level of 202.5 rupee. Above this level zinc hit high near 218.8 and achieved swing target of 214 rupee and almost tried to test next target of 221 rupee. Now in correction and consolidation phase before next major move. If reversal signal comes expect 221 then super bullish targets of 233 and 240 rupee on upside.

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Pramod Baviskar

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