Zinc Scope for further upside

Adjacent chart shows price movement of MCX Zinc continuous contract. It is trading in a rising channel. Currently, the Upper Bollinger Band is acting as a barrier. Therefore, some consolidation in the near term cannot be ruled out. However, the short term trend is bullish as it making higher top higher bottom on the daily chart and trading above the crucial moving averages. On the way down, the zone of 199.50 – 200.50 will act as support. Dips towards the support zone shall be seen as a buying opportunity as long as it is trading above 196. On the way up, it is likely to inch higher towards 215 – 222 levels in the coming trading sessions. The momentum indicator is in positive mode.

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