MCX Zinc Drifting lower

Adjacent chart shows price movement of MCX Zinc continuous contract. It is trading in a downward sloping channel. In today’s trading session, Zinc has broken down below the support line. It is likely to drift lower towards 156 – 152 levels in the coming trading session. On the way up, 20DMA (currently pegged at 166.50) will act as resistance in the near term. Rise towards 20DMA shall be seen as selling opportunity as long as it doesn’t close above 20DMA. The momentum indicator has turned negative.

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