Zinc daily chart technical analysis
MCX Zinc future on last trading session closed at 124.2 with loss. On daily chart, zinc future price trend and momentum both are bullish as prices still above 1 and 3 month averages. From short-term view, 123 and 120 are strong support zones. 123 is 1 and 3 month average level. While 120 is previous bottom. On upside 126 and 128.5 are strong resistances. Daily chart indicators patterns suggesting correction ahead so expect zinc to test averages level in next week. If zinc futures gives closing below 123 then go short for targets 120-118.
Zinc weekly chart technical analysis
MCX Zinc future this week closed flat. This week zinc hit high at 127.55 while low was 123.3 total 4-rupee range or 3% weekly swing for prices and closed flat. This was forth week of gains for zinc and in these 4 weeks prices rallied from 118 to 128. From medium to long-term view, 123 is first support on weekly chart, which is also 6-month average, and below it 119 is next support level, which is 12-month average. On upside 128 and 132 are strong resistances as well as targets if trend continues. Weekly chart indicators pattern is bullish and suggesting upside for zinc future.
Investors above 119 keep buy and accumulate strategy for targets 128 and 132.