MCX Zinc price has not added to the gains made in the earlier week rallying to a four-week high above Rs.113.50 level, closing flat for the period. The price currently looks bullish, holding above its support line S1 of Rs. 106.90 level. Also, the recent rally is on a good volumes confirming that the momentum is strong and is supported by buyers.
Also, 14-period RSI on weekly chart has taken trend-line support near the 50 mark and is now pointing higher which is supportive for the price. RSI is likely to test its resistance line in this week.
Hence, the overall bias for the next week remains on the positive side for the target of Rs.116 level in the short term.