Zinc future daily chart technical analysis
Zinc future on Friday closed at 180.2 with gain. Zinc future after downside up to 175 rupees, now showing some bounce back moves and trading above major short term averages. Still trading below major averages with bottomed out signals on indicators and oscillators.
For month of December, mcx zinc has major resistance around 182 rupee and below it expect downtrend to continue and might show lower levels up to 170 and then possibly 163. But if gives breakout above 182 rupee then expect sharp short covering rally up to 190 to 201 rupees. Current move is heading towards 182 rupee resistance so that will be near term target.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed at 180.2 with loss. This was second losing week for zinc prices but we saw smart recovery from 174 rupees lows. On weekly chart zinc is in downtrend and trading below major averages with bearish signals on indicators and oscillators.
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. And in November we saw low near 174 rupees. Below 171 next long term support will be around 132 rupees.
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