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MCX Zinc Futures Shows Good Sync With Retracement

ByCommodityOnline
Published 07/30/2013, 02:25 AM
Updated 05/14/2017, 06:45 AM

MCX Zinc price fell sharply last week after breaking support near Rs.110.7 which was a 61.8% Fibonacci retracement number. The price has earlier taken resistance near the 76.4% retracement near 114 level and moved lower indicating that the price is in good sync with the retracement. As such the price is now likely to head lower towards the 38.2% support level near Rs.105.7. The price is also likely to find trend-line support at the same level.
MCX Zinc

Also, 14-period RSI on the daily chart has taken horizontal trend-line resistance near the 70 mark and is now pointing lower breaking its short-term support line, which is bearish for the price.

Hence, the overall bias for the next week remains on the negative side for the target of Rs.105.7 level in the short term

(Courtesy: www.kotakcommodities.com, a leading commodity broking firm offering commodity trading service’s along with a research division specializing in fundamental and technical research. Research report disclaimer: www.kotakcommodities.com/research-report-disclaimer.html)

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