Zinc prices at MCX are trading at lower levels. Volatility of the commodity is decreasing, as fundamentals are still in the bearish territory. Commodity is now trading around 103-105 levels.
The bearish flag pattern from January continues March contract, reaching expiry in the near term. Any chance of breaking the flag range may shift the commodity into the bullish sector.
The LME factor has also exerted pressure on MCX prices. LME Zinc has collapsed on to $1888 levels. MCX Prices are just retracing the Nymex prices.
On charts, Zinc is witnessing a mixed picture. The commodity is still below the 20 day SMA at 108 levels. MAC is still negative and P-ROC (Rate Of Change) is at negative momentum. RSI range has shifted the position to lower levels and track sideways.
The stochastic are still at oversold levels. Exponential indicator has shown the recovery in the short term.
Base support is at 102 levels, if the commodity may move below 100 levels. But the actual forecast is showing a bull rally towards 115 levels.
S1: 102 S2: 100
R1: 109 R2: 111
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Zinc Witnessing A Mixed Picture On Charts
Published 03/20/2013, 07:20 AM
Updated 05/14/2017, 06:45 AM
Zinc Witnessing A Mixed Picture On Charts
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