MCX Zinc Keep an eye

Adjacent chart shows price movement of MCX Zinc continuous contract. It saw a correction from the high of 205.70 to 190.70 levels. Currently, it is witnessing a pullback wherein it retraced 61.8% of the previous fall. The pullback in Zinc can extend towards 202.90 i.e. 78.6% of the previous fall. However, the short term trend is down as long as it is trading below the swing high of 205.70. On the way down, it is likely to drift lower towards 194.50 – 190.70 once the pullback is completed. The momentum indicator is in negative mode.
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