MCX Zinc Keep a close eye

The adjacent chart shows the price movement of MCX Zinc continuous contract. It has achieved the equality target of the previous fall. There is a possibility that the correction may have been completed. However, there is no confirmation of that yet. Once it manages to break above the swing high of 170.90, then it will form higher top, higher bottom on the daily chart. In the near term, 170.90-173.50 will act as a resistance whereas on the way down, 164.85-162 will act as support. A bounce towards 173 is possible as long as it doesn’t close below 162. The momentum indicator is in a ‘buy’ mode.


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