Mcx zinc future this week closed at 200.7 with gain. This was second weekly gain for zinc prices after last week’s strong reversal move. This week zinc future hit high near 203.35 while low was at near 195. Total 8 rupee range and closed with strong gains.
On weekly chart, zinc future is in strong bullish trend and momentum which is resumed now after last week’s correction. Mcx zinc weekly chart, 5 weeks average at 196.7 rupee below that 186 is 20 weeks average and next support and 175.5 rupee is 50 weeks average and last long term support zone. RSI is 62 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 September opened strong above major trend support level of 193 rupee. Above this level zinc hit high near 206 but failed to sustain then we saw strong selloff and tested 193 rupee support with low of 190.7 rupee. Now taken support at 193 and heading higher for 210-220 rupee target zones.
From long term view, mcx zinc future was correcting towards major support of 157 rupee and taken support just above it and now prices are moving upside towards investment target of 219 rupees. Now we saw high near 206 in month of September.
In last 7 months, zinc prices closed in red for 5 months while 2 months are positive with long term bottom at 157 rupee. In month of September lead prices made low around 190 while high was at 206 total 16 rupee range and now on chart with flat loss for the month.