Adjacent chart shows price movement of MCX Zinc continuous contract. Zinc touched the upper end of the channel and has seen a sharp fall thereafter. The short term trend is bearish as it is trading below the crucial moving averages. In the near term, 212.50 – 216.60 will act as crucial resistance on the way up. Any bounce towards the resistance level shall be considered as selling opportunity. On the way down, it can drift lower towards 208 – 203 levels. The momentum indicator is in bearish mode.
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