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zinc trading with a bearish sliding channel

From the high of 135.30 MCX zinc is trading with a bearish bias. The fall is subdividing into lower degree waves. The entire fall is unfolding in a channelised manner. Recently the base metal has formed a short-term bounce. However, it faced a resistance near the upper channel line and from there the price has started the next leg down. The daily momentum indicator is in a bearish mode and is ready for a new cycle on the downside. The key resistance is at 127.30. Unless that is crossed zinc can fall back till 122 (near the recent low)-–119 (the lower channel line).

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