Zinc future daily chart technical analysis
Zinc future on Friday closed at 176.25 with gain. In this week we saw 4 up and 1 down day for zinc prices. Zinc after weak opening hit 168 rupee sell target in last week and then taken support around those levels and now bouncing back towards 180 rupee resistance zone. For month of January, mcx zinc major resistance is 180 rupee and below it expect downtrend and lower levels. That we already saw low of 167.2. Now bias is towards recovery and expect 180 and above level for zinc prices. Breakout above 180 means bullish trend and targets of 186 and then 198 rupees for zinc prices.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed with gain. In this week we saw 7 rupee strong recovery rally in zinc prices and in last 2 weeks prices recovered from low of 167 to high of 178+. On weekly chart prices are moving towards 189 rupee long term resistance zone. Below 189, zinc will remain weak and sell. But as indicators are oversold prices are bouncing back towards 189 rupee levels and that will be target zone for this recovery rally.
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