MCX Zinc daily chart technical analysis
Mcx zinc future on last trading session closed in red. On daily chart mcx zinc, price trend is up but momentum is losing out because of correction. Daily chart indicators pattern suggest correction may continue in next week and zinc may test its downside supports.
For next week, mcx zinc future support zones are 127 and then 123, which are month and 3 month average zones respectively. On upside 130 and 134 are major resistances and remain as short-term targets.
Short-term traders above 127 keep buy on dips view and expect higher targets of 130 and then possibly 134.
MCX Zinc weekly chart technical analysis
Mcx zinc future this week closed with gains. This was 3rd gaining week for zinc future and in these three weeks we seen prices are rallied from low of 123 to 130. Total 7 rupee or almost 6% gains in very short period. This week mcx zinc, future hit low at 126.65 while high was at 130.35. Total 4-rupee range and closed with gain.
Mcx zinc future weekly chart trend and momentum both are strong bullish. Prices are trading very above its medium to long term averages. Weekly chart indicators pattern still bullish and suggesting upside for zinc future in upcoming weeks.
On weekly chart, mcx zinc future, support zones are 123 and 118 while on upside expect strong supply from market at 130 and then 136.
Swing traders and investors above 123 keep buy on dips view and expect target 130-136 in medium to long term view.