Zinc future daily chart technical analysis
Zinc future on Friday closed at 183.25 with loss. Zinc future after breakout above 182 hit bullish swing target of 189.5 but failed to sustain above it which resulted in correction and now prices back to support of 182 rupees.
For month of December, mcx zinc below 182 will turn bearish and on downside 171 will be first bearish swing target and then after 163 will be next one. But if hold 182 rupee support and gives reversal then expect 189.5 again and hen possibly 201 rupee levels on fresh buying.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed at 183.25 with loss. After last week upside we saw profit booking in this week. On weekly chart zinc future price trend and momentum both are down and prices trading below major averages and with bearish signals. On chart below 195, zinc price will remain weak and sell and on downside 171 and 135 are long term bearish targets. We already saw 171 low in previous weeks and now if this fresh downside move breaks below 171 then expect 135 rupee levels for zinc futures.
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