Zinc future technical analysis for 19 to 23 November 2018.
Zinc future daily chart technical analysis
Zinc future on Friday closed at 192.2 with gain. Zinc future after downside up to 180 rupees, now showing some bounce back moves and trading above major short term averages. Average support zone lies around 187 to 189 rupee levels. Daily chart stochastics is around 66 and with buy signal given around 182 rupees levels while MACD is below zero but with rounding bottom suggesting recovery rally.
For month of November, mcx zinc below 193 was bearish and on downside 181 was first bearish swing target which is done and zinc prices taken support around those level and bouncing back towards 193 resistance zone. If gives breakout above 193 then expect buying as well as short covering rally up to 200. While below 181 expect another breakdown and lower levels up to 174 rupees.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed at 192.2 with gain. After last 2 weeks sell off this week, we saw some short covering as well as some value buying on lower levels. Zinc prices still below major average but indicators and oscillators are bullish and suggesting upside for zinc prices in medium to longer terms.
From long term view, for zinc futures, 195 rupee level is make or break level and above it expect upside rally and investment target of 234. But below it zinc future will remain weak and sell and will head for 171 which is already done in august and in September.
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