Zinc future daily chart technical analysis
Zinc future on Friday closed at 177.35 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 turned bearish and on downside 171 will be first bearish swing target and then after 163 will be next one. And this week we saw low of 177.1 rupees and prices slowly inching towards 171 rupee level.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed with loss. This was second weekly loss for zinc prices and in these 2 weeks we saw sell off from top of 192 to low of 177.1. 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 low up to 166 rupees previously and prices once again heading towards those lows.
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