Zinc Trend analysis 26 to 30 May 2014
Zinc daily chart technical analysis
Zinc future on last trading session closed at 121.6 with gain. On daily chart, zinc future price trend is down but momentum is slowly building on long side as showing resilience on downside. Zinc future is trading below short term averages with strong recovery pattern. For next week, zinc future has support at 121 and 118 while on upside 123 and 125.5 will be strong resistances. 123 is 1 and 3 month average zone. As indicators, patterns suggesting bottom out stage traders for next week keep buy on dips view above 120 rupee for target 125 and above.
Zinc weekly chart technical analysis
Zinc future this week closed flat positive. On weekly chart zinc future price trend and momentum both bullish and this week has taken support just above 12 month average which is bullish sign. From medium to long-term view, Zinc future has support at 120 and 115. 120 is 12-month average and 115 is 24-month average level. On upside 123 and 126 are strong resistances. 123 is 6-month average. Weekly chart indicators pattern are mixed but as zinc given reversal just above 12-month average, investors use this as buy signal for targets 126 to 129 in upcoming weeks.