MCX Zinc downward trajectory

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Adjacent chart shows the price movement of MCX Zinc continuous contract. Mcx Zinc downward trajectory for the last several sessions. The momentum indicators on various frames are in line with the fall. In the penultimate session, the base metal formed a bearish outside bar along with an Engulfing bear candle. The bearish formations reinforced the downtrend & the follow through was seen in the last session. On the downside, the commodity is expected to test the 78.6% retracement mark, which is near 172 & below that 167 will be the subsequent level to watch out for. On the other hand, 181-182 shall act as a key hurdle zone on a closing basis.

MCX Zinc downward trajectory

 

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