Zinc forecast for week 21 to 25 April
Zinc daily chart technical analysis
Zinc future on last trading session closed at 124.25 with gain. On daily chart, zinc future price trend and momentum both are bullish. Zinc is trading above short term averages with bullish divergences. From short term view, 123.5 is first support of 3 month average and below it 123 is next support zone of 1 month average level. On upside 127 and 130 are strong resistances of previous swing tops. Daily chart RSI is at 53 with bullish divergence while CCI is above zero with fresh breakout signal.
Short term traders above 123.5 keep buy on dips view for targets 127 and 130.
Zinc weekly chart technical analysis
Zinc future this week closed with 1.68% gains. This was third week of gain for zinc and in these 3 weeks, we had seen rally from 117 to 125. This week zinc future hit high at 124.8 while low was at 122.3.total 2 rupee range or 2% weekly swing and closed with gain. Zinc future after taking support at 12 month average heading towards major top. From medium to long term view, 119 is first support zone and 12 month average level. Below it 114 is 2 years average level and last support level on daily chart. On upside 126 and 131 are strong resistances as well as target zones. Weekly chart RSI is at 54 with bullish divergence and CCI is +106 and heading towards 200 levels.
Investors above 119 keep buy and accumulate strategy for targets 126 and then 131.