Zinc broke medium term resistance line

Adjacent chart shows the price movement of MCX Zinc continuous contract. The short-term trend has turned bullish as zinc broke out from the medium-term resistance line. It has witnessed a minor degree from the recent swing high of 180.50. Currently, it has retraced 50% of its previous rise. On the way down, 172 – 170 will provide support in the near term. On the way up, an immediate resistance is at 180.50 above which zinc can inch higher towards 185. The short-term remains bullish as long as it does not close below 170 i.e. 61.8% retracement level of its previous rise. The daily momentum indicator is bullish.

MCX Trend

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