Zinc Corrective mode Technical Charts

Adjacent chart shows price movement of MCX Zinc continuous contract. It broke down from the medium term support line and saw a pullback then-after. The pullback took a halt at 78.6% of the previous fall. Zinc has possibly started next leg on the way down. An initial support is at 207 below which it is likely to drift lower towards the low of 199. On the way up, 216.50 – 219 zone will act as crucial resistance. The momentum indicator has turned bearish.

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