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Zinc Bounces back from trendline support



The adjacent chart shows the price movement of MCX Zinc continuous contract. It has seen a sharp decline after hitting the high of 198.60. However, it has found support at the rising trendline and has seen a smart pullback. Also, the momentum indicator has taken support at the “zero” line before bouncing back. It is likely to re-test the swing high of 198.60. If it manages to close above 198.60, then the rally can extend towards 204 levels in the coming trading session. On the way down, 189.70-187.80 will act as a support level. Dips should be seen as a buying opportunity as long as it is trading above the rising channel.

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