Zinc: Channel breakdown

The adjoining chart is of MCX zinc February contract. We can observe that zinc was trading in an upward sloping channel since the past few trading session, which has been broken on the downside. The momentum indicator has also given a negative crossover. We expect zinc to trade with a negative bias for targets of 113.8, which is the 40-day exponential moving average, and below that we expect zinc to crack down till 111.6, which is the 61.8% key Fibonacci level and also near the lower Bollinger band. The reversal of the bearish stance is placed at levels above the swing high of 118.2.
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