24 July 2015 Technical Chart Zinc Under pressure

MCX Zinc on the daily chart shows a three-wave pullback, which retraced 38.2% of the previous fall. Near the key Fibonacci level the base metal faced resistance from the junction of the 40-day exponential moving average and the daily upper Bollinger Band. From those multiple hurdles zinc has started falling down. The daily momentum indicator has triggered a bearish cross-over near the equilibrium line. Thus, zinc is expected to fall back to test the recent low, ie 121.30. The daily lower Bollinger Band, which is near 124.70, will be an intermediate level to watch out for. On the other hand, the 20-day moving average, ie Rs.128.70, will act as a key resistance on a closing basis.
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