Zinc prices at both MCX and LME markets are collapsing to lower levels. Zinc has fallen to all time low levels. Crucial fundamentals have impacted Base metal pack.
The bearish flag pattern from February continues; the sudden collapse from 119 levels not yet recovered by Zinc. Short term bullish at lower levels is expected if price crosess the flag range.
On the charts, Zinc is witnessing bearish phenomenon. The commodity is trading below the 20 day SMA at 126.74 levels. If commodity holds the flag pattern for the coming days, it may witness bearish phenomenon throughout the week.
The Stochastic level is at oversold territory, selling pressure is impacting the charts. MACD is negative and RSI at 28.28 is bearish. Rate of change oscillator (P-ROC) is sustaining its position at negative territory.
Momentum of the commodity is slightly weak; hence huge deflections may not occur in the near term. If it breaks 108 levels, may increment to 114 levels is expected. Base support is now seen at 108 levels.
In LME markets, Zinc collapsed to 1984 levels, further decline may witness steady decrement to 1955 levels. A sudden fall in LME Zinc trading hasimpacted MCX prices. Short covering at overseas markets may impact MCX prices.
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MCX Zinc Analysis: Oversold, Selling Pressure Impacting Charts
Published 03/06/2013, 07:44 AM
Updated 05/14/2017, 06:45 AM
MCX Zinc Analysis: Oversold, Selling Pressure Impacting Charts
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