Zinc daily chart technical analysis
Zinc future on last trading session closed at 130.95 with gain. On daily chart, mcx zinc future trend and momentum both are strong bullish. Prices are trading near record high with strong bullish signals from indicators suggest much upside here in next week.
For next week, zinc future support zones are 127and 125.5 while on upside 134 is only major resistance as well as target zone for next week. Short-term traders above 127 keep buy on dips view and expect target 134+ in next week.
Zinc weekly chart technical analysis
Zinc future this week closed with 3%+ gains. This was forth week of gains for this commodity and in these four weeks prices are rallied from 123 to 131. This week mcx zinc future low was at 126 while high was at 131. Total 5 rupee or 4% range in this week and sharp gains with breakout.
On weekly chart, zinc future support zones are 123 and 118 while on upside 133 is only resistance. Investors above 124 keep buy on dips view for upside targets of 133-135 in medium terms. Weekly closing above 135 means 142 as long-term target for zinc future.