Stuck in Zinc then read our Weekly Technical Outlook
MCX Zinc October weekly contract changed by 4 rupees up from last week closing price. Zinc is now trading at 138.2% (Fibonacci Level) of move from 154 to 96.
Price Action: Price has closed well above 10 weeks EMA, uptrend on short term time frame. 10 weeks EMA is staying above 20 weeks SMA that keeps intermediate uptrend intact. 20 weeks EMA is above 50 weeks EMA and suggests a nice uptrend on longer term time frame. As per these Exponential Moving Average price is in strong uptrend.
Momentum: Stochastic is staying near overbought line and may formed a bearish cross indicating bearish momentum.
Overall outlook: Today Zinc headed a high of 179 and then witnessed nice decline from 138.2% Fibonacci projection. Immediate support is now seen near 162 zones, stability below this level zinc may hit 155.5 to 152 zones. The Key support will be at 150. Resistance is now seen near 180 zones, in upper side the areas of 178-180 will remain strong resistance zones and further stability above these levels will open the doors for a retest to 200 zones.
Trading range for the week is expected among the key support at 155 and resistance at 180.
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