Zinc weekly tips 14 to 18 April 2014
Zinc daily chart technical analysis
Mcx zinc future on last trading session closed at 122.2 with loss. On daily chart zinc future closed just below its 3-month average with reversal signal, which is bearish. Fro next week zinc support zones are 121 and 119 while on upside 123 and 126 are resistance levels. 119 is 1-month average level while 123 is 3-month average level. Daily chart indicators patterns are bullish.
Traders below 123 can expect downside up to 119 but above 119 keep long view as indicators are with bullish divergences.
Zinc weekly chart technical analysis
Mcx zinc future this week closed with gains of .133%. This week zinc future hit high at 124.3 while low was 120.2. Total 4 rupee or 3% swing in week and continued its uptrend with another positive weekly closing. From medium to long term view. Zinc future support zones are 118 and 114 while on upside 124 and 128 are resistances as well as targets if trend continues.118 is 12-month average level and 114 is 2 years average level. Weekly chart indicators pattern are bullish suggesting rally may continue ahead.
Investors above 118 keep buy on dips view for targets 124-128.