Zinc drifting lower in downward sloping channel

Adjacent chart shows the price movement of MCX Zinc continuous contract. Zinc is drifting lower in a downward sloping channel. The pullback from the daily lower Bollinger band once again found resistance the 20 DMA and zinc corrected thereafter. In the near term, zinc is likely to retest the low of 194.90 below which the down move can extend towards the lower end of the channel which is currently pegged at 191.50. On the way up, 202.50 – 204 shall act as crucial resistance zone in the near term. The daily momentum indicator is bullish mode but is on the verge of turning bearish once again.

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