MCX Zinc Is Positive, Target 114 Levels

Published 06/25/2013, 06:42 AM
Updated 05/14/2017, 06:45 AM

As shown in the weekly chart below, MCX Zinc Price has taken support at its long term upward sloping trend line placed at 100 levels. After correcting for two consecutive weeks, prices have taken support at the previous peak bounced back on high volume to close the week at 108.55, up by more than 2%. Also, as shown in the chart, volume has increased on every price rise and is comparably low when price had fallen previously forming a rounding pattern, indicating upside momentum for the price.
MCX Zinc
Also, the 14-period RSI on the weekly chart has taken support at 50-mark and is now pointing higher. Any bounce from this support zone would be supportive for the prices.
Overall bias for the next week remains on the positive side for the target of 114 for the short term.

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