MCX Zinc formed a large ending diagonal and tumbled down sharply from there. After the sharp fall, it has done a pullback, which has retraced 78.6% of the previous fall. The bears have put up a strong resistance near that key Fibonacci level. In the last session, the base metal faced resistance there and sold off.
It has formed an engulfing bear candle in the last session. Thus, the high of 114.55 will become strong resistance on a closing basis. The daily momentum indicator is trading near the overbought zone and needs to cool off. Unless the level of 114.55 is crossed, the short term targets will be 109 and 106.