ZINC daily chart technical analysis
Mcx zinc future on last trading session closed at 126.15 with loss. On daily chart, zinc future closed at its 3-month average level with strong bearish patterns. For next week, 126 and 123 are support zones to watch while on upside expect strong resistances at 127 and 130. 127 is zinc future month average while 130 is previous top level. Daily chart indicators are bearish with sell signals.
Here traders keep wait and watch view, any daily closing below 126 means short-term bearish breakout for targets 123-120. If sustain above it then we may see 127-130 levels again.
ZINC weekly chart technical analysis
Mcx zinc future this week almost tumbled by 4%. This week zinc future high was at 133.45 while low was at 125.85. Total 7-rupee weekly range or 6% swing in week and closing with deep on sharp profit booking near highs.
Zinc weekly chart, price trend and momentum both are still strong bullish and only given correction from highs. 124 is its 6-month average level while 118 is 12-month average zone. On upside 128 and 131 will be strong resistances on weekly closing basis. Indicators are with bearish divergences and suggesting correction may continue in upcoming weeks.
Investors must watch averages support zone for long entries. Any weekly closing below 118 means deep correction and possibly start of downtrend so watch for that.