MCX ZINC AUG EXPIRY TECHNICAL CALL UPDATE
Mcx zinc future in last trading session closed at 186.6 with another huge gains. In last 5 trading session mcx zinc prices rallied from 175.65 low to high over 187+. Almost 12 rupee rally in 5 days means almost 7% price appreciation for investors and 60,000 rupee per lot profit for traders.
Mcx zinc future achieved my given august expiry recovery target of 185 in 4 trading session and closed above it with bullish outlook for my next target 190.5. After breakout above 179.8 we saw sharp buying spree as well as sharp short covering by strong hands. Now above 185, mcx zinc will remain buy on dips for next target 190.5 with stop loss below 185 rupees.
Mcx zinc future on daily chart, showing fresh Bull Run rally signs. Daily chart price trend and momentum are bullish expect more short covering rallies ahead if hold 185 rupee support on dilly closing basis. Zinc chart, RSI is at 68 and heading for 80 levels zone. MACD is with fresh buy signal and with bullish crossovers and divergences.
Mcx zinc future on weekly chart, given fresh breakout above 180 rupee hurdle and now heading towards previous top of 198 rupee while my 2017 long term target is at 219 rupee and we saw this rally was started at 157 where mcx zinc had major historic support and made recent bottom.
157 rupee level was best investment opportunity and from that level we already seeing 30 rupee gains and zinc is heading towards 198 and 219 levels. Zinc weekly chart, price trend and momentum both are strong bullish and current candle is breakout move. Zinc weekly RSI is at61 and heading towards 75-80 levels zones while MACD is already with buy signal given at 174 levels.