Zinc forecast 31 March to 4 April 2014
Zinc daily chart technical analysis
Mcx zinc on last trading session closed at 118.1 with loss. On daily chart, zinc price trend and momentum both are bearish. This week zinc was up for 2 sessions while closed down in 3 sessions.
For next week, mcx zinc future support zones are 115.5 and 112 while on upside expect strong resistance of 1 and 3 month averages, Which are 122 and 124 respectively. Daily chart indicators patterns are bearish and in oversold zones.
Traders below 122 keep sell on rise view for downside targets. 120 is trailing stop loss for those who holding shorts created on higher levels.
Zinc weekly chart technical analysis
Mcx zinc this week closed flat negative. This was forth losing week for zinc prices. Weekly chart price trend is bullish but momentum is weak as profit booking hit this commodity. On weekly chart zinc closed at its 12 month average with sell signals on indicators.
From medium to long-term view, zinc future support zones are 118 and 115. 115 is its 2 years average level. On upside 122 is its 6-month average level and first resistance while 128 is next resistance and previous top. Indicators are bearish with fresh sell signal with this week negative closing. Investors here keep wait and watch strategy for upcoming weeks.