Zinc battling near support

MCX Zinc has fallen sharply in the last few weeks. From the high of 136.90 it has reached the medium-term rising trendline. The base metal seems to be finding support near the trendline. In terms of the price patterns, the commodity seems to have formed an expanding ending pattern, which would be a bullish pattern in this particular case. The short-term momentum indicator has given a buy signal, suggesting that a bounce is on the cards. Unless the recent low of 114.6 breaks on a closing basis, zinc can bounce till 120 and 123, ie the 20-daily moving average and the 38.2% retracement mark respectively.
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