Zinc future daily chart technical analysis
Zinc future on Friday closed at 173.8 with huge loss. Zinc future is in downtrend and we saw sharp selloff in last trading session on another strong price breakdown. Zinc trading below all short term averages with bearish and oversold indicators.
For month of January, mcx zinc has major resistance around 181 rupee and below it expect downtrend to continue and my bearish target zones for this series are at 170 and then 162 rupee. Zinc prices are almost near first bearish swing target of 170 rupees.
Zinc future weekly chart technical analysis
Mcx Zinc future this week closed at with loss. This was third losing week for zinc prices and in these 3 weeks prices slumped from top of 192 to almost low of 173 rupees means almost 10% drop in last 3 weeks.
From 2019 with long term view, for zinc futures below 191 will remain weak and sell for my long term bearish targets of 150 rupees and below it next long term support as well as bearish target zone will be 122 rupees.
Zinc future monthly chart technical analysis
Mcx Zinc future in month of December closed with loss. This was third monthly loss for zinc prices and in these 3 months we saw zinc future tumbled from high of 204 to lows of 173 rupees. Here prices are retracing back towards recent low of 165 rupees and also below 191 rupee trend will remain weak and sell.
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