Adjacent chart shows price movement of MCX Zinc continuous contract. Zinc consolidating triangle pattern. On the way down, 189 – 192 is a crucial support zone whereas on the way up, 200.50 – 203 will act as resistance in the near term. It is likely to consolidate within 192 – 200.50 in the near term. However, zinc can drift lower towards 185 – 183 levels once it breaks the support zone of 192 – 189. Overall, the trend in zinc shall remain bearish as long as it does not close above 204. The daily momentum indicator has turned bearish.
Zinc consolidating triangle pattern