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Bulls rush to support zinc

As can be seen from the chart, MCX zinc formed a large wedge pattern, which got over at the high of 119.10. From there, the commodity has fallen sharply. It was a channelised fall and has retraced 61.8% of the previous rise, ie 105. The bulls seem to be providing support near the key Fibonacci level. The daily momentum indicator that has been beaten down to the oversold zone is showing signs of recovery. Thus, unless the recent low of 104.60 is broken, zinc can bounce till 111-112 level.

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