Zinc weekly outlook 2 to 6 June 2014
Zinc daily chart technical analysis
Mcx zinc future on last trading session closed at 122.4 with gain. On daily chart, zinc future closed below its 3 and 1-month averages but with gain. Daily chart indicators pattern clear suggest momentum is on recovery side. For next week, zinc future outlook is bullish and expect breakout ahead. On downside 120 and 117 rupees are strong support areas while on upside 123 and 125.5 are strong resistances for zinc future.
Traders with stop loss below 120 rupee keep buy on dips view for targets 123 and then 125.5 in next week.
Zinc weekly chart technical analysis
Mcx zinc future this week closed with flat gains. Zinc weekly chart price trend and momentum both are bullish. This week zinc future hit high around 123.8 while low was at 120.55. Total 3-rupee range and closed with gain. From medium to long term view, zinc now has support around 119, which is at 12-month average, and 115 rupee, which is its 24-month average level. On upside 125 and 131 are strong resistances for zinc. Weekly chart indicators pattern is bullish and suggesting rally will continue in upcoming weeks.